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Corning Hits Record High After Nvidia AI Infrastructure Deal
Corning shares rose 9% on Wednesday after Corning and Nvidia announced a multiyear collaboration to expand U.S.-based manufacturing for AI optical connectivity. Nvidia’s regulatory filing said Nvidia will buy 3 million Corning shares at $0.0001 each and receive warrants to buy up to 15 million more shares at $180 each. Corning said it plans three new U.S. factories, a tenfold increase in optical connectivity manufacturing capacity, and a 50% increase in fiber production capacity.