Corning (GLW) stock jumped 9% on Wednesday, reaching an intraday record high, following a newly announced $500B deal with Nvidia (NVDA). The glass manufacturer and fiber optic hardware company struck a $500 million deal with Nvidia to supply components for the artificial intelligence leader’s data center build-out. Shares are now up over 102% year-to-date, with jumping into the AI sector with Nvidia.
In a joint press release that dropped on Wednesday, Nvidia and Corning announced a major multiyear collaboration to “dramatically expand U.S.-based manufacturing of the advanced optical connectivity solutions needed to power next-generation AI infrastructure.”
In addition, according to its regulatory filing, Nvidia will purchase 3 million shares of Corning at $0.0001 each and will have warrants to buy up to 15 million shares for $180 each. Corning said it would build three new factories in the US to expand manufacturing capacity for optical connectivity products tenfold and increase fiber production capacity by 50% in order to meet the accelerating demand from AI data centers.
NVIDIA (NVDA) stock also rose 4% on Wednesday, and is up 10% YTD. The company has been aggressively signing supply chain agreements with fiber-optic and optical communications companies as it tries to keep up with data center demand. The leading GPU maker struggled in the charts in 2026, unable to breach the $200 mark. However, it climbed to $216 late April and quickly went south, erasing all gains. NVDA is testing the patience of investors this year, after delivering robust performance since 2020. Presently trading at $205, NVDA could be propelled by the latest deal with Corning back to previously forecast higher levels.