A Piece of Glass Thinner Than a Credit Card Could Solve America’s $25 Billion Energy Problem
Kanebridge News
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A Piece of Glass Thinner Than a Credit Card Could Solve America’s $25 Billion Energy Problem

New windows can insulate better than most walls, and some can even survive being hit with a two-by-four shot from a cannon.

By CHRISTOPHER MIMS
Mon, Mar 24, 2025 10:31amGrey Clock 4 min

Here’s one more thing we owe to the restless mind of Steve Jobs : hyper-efficient, ultra-tough windows for homes.

This new kind of window could save American households billions of dollars in wasted energy each year, while allowing expansive views of the outdoors and making our homes quieter, more comfortable and able to survive even the most violent weather. The key enabling technology is thin panes of glass—sandwiched between thicker standard glass—which exist because of the same manufacturing and chemistry breakthroughs that made possible the light, strong, scratch-resistant screens on our smartphones, tablets and watches.

Typical double-pane windows have hardly changed since their invention a century ago. Filling them with inert gases or adding coatings to reflect or let in heat has made them more effective. But it’s still generally accepted that, all other things being equal, your home’s energy bills will go up or down based on how many windows you have, and how big they are.

“Windows are always viewed as the problem, because windows typically lose 10 to 20 times more energy per square foot than a well-insulated wall,” says Stephen Selkowitz, an affiliate at the Lawrence Berkeley National Laboratory and a dean in the field of building energy efficiency. The Energy Department estimates that U.S. households each waste $200 to $400 a year on energy bills due to drafts, leaks and inefficiencies, for a total of at least $25 billion a year.

These new three- and four-pane windows can be even better insulators than the walls around them, but cost only about 20% more than standard energy-efficient windows. Installing them could bring big energy savings for those ready to retrofit, and could enable the construction of new homes that are so well-insulated that even when the power goes out in a winter storm, they stay warm for days. Another variant of these windows can meet the most stringent hurricane-related building codes in the country, while being significantly lighter than conventional stormproof windows.

The bad news is that Joe and Jane Consumer won’t be able to buy these kinds of windows at the local home-supply store—at least not yet. While the primary manufacturer of this type of window is offering its tech to other window makers, it’s only opened up U.S. production in the past few months, and it’s still scaling up manufacturing.

Bringing the panes

Scientists have long known the key to more efficient windows is similar to the relationship between razorblades and a closer shave: More is better. But it was hard to translate that into a product that could be mass manufactured, at a price that people would be willing to pay, says Selkowitz.

Enter Corning , maker of the thin, tough Gorilla Glass that has helped make possible today’s mobile devices. In order to win over Steve Jobs and land Apple as a client when it first started making iPhones, Corning offered Apple a fresh twist on its existing process for making glass for LCD displays and other applications, which yielded a new kind of chemically strengthened glass.

Traditional glass, called soda-lime glass, is made by floating molten glass on top of molten tin, which is a cheap and effective process but leaves microscopic flaws. With Gorilla Glass, molten glass with different additives than soda-lime glass cascades in a waterfall as thin as half a millimeter, which rapidly cools and is cut to size, yielding glass that is nearly flawless. The glass is also chemically strengthened, making it resistant to scratches and chipping.

As the smartphone industry ramped up, Corning built more factories to meet demand for Gorilla Glass. Some of these factories now use the same process, with a slightly modified chemistry, to create far larger sheets of similarly tough glass, for windows instead of hand-held devices. These sheets of glass are thinner than a credit card, yet they can be bigger than a queen-size mattress, says Ron Verkleeren , senior vice president of Corning’s emerging-innovations group.

This architectural glass doesn’t yet have a compelling name like Gorilla Glass, but they’re working on it, he adds. (“Orangutan Glass” has my vote.)

When three or even four layers of glass are put together, with inert gas in between, only the interior panes are the super-thin Corning panes, and they add little weight to the finished product.

When you go from a single air gap to the two or three that are possible with triple- and quad-pane windows, the insulating ability of a window can skyrocket, says Selkowitz, who has collaborated at the federally funded Lawrence Berkeley lab with Alpen, a Colorado-based maker of specialty windows, to research their capabilities.

Efficiency and more

Alpen’s windows have long been favored by architects who want to build super energy-efficient homes. Corning began collaborating with Alpen about five years ago, and now the company is ready to mass-manufacture reinforced windows at two facilities, one in Colorado and one in Pennsylvania. The first wave will be windows in standard sizes, says Andrew Zech, Alpen’s CEO. Key to keeping costs down are the company’s new automated, high-throughput assembly lines for making the windows, he adds.

David Schleicher, managing director of Kala, a high-performance builder in Kansas City, Mo., has been living with a wall of triple-pane windows comparable to Alpen’s on the south side of his home since 2015. Typically, such a vast expanse of glass—a total of 16 feet by 7—would create an unpleasantly cold patch during the winter. But this glass is so well insulated, it actually creates warmth in his living room: It admits the radiant heat of the low winter sun but prevents conductive heat loss through the window, says Schleicher.

“With the right glass in my house, my heat won’t even be running on a winter day, as long as the sun is shining and it’s coming in the window,” he says. “It is crazy—I will be in shorts and a T-shirt and it’s 20 degrees outside. Meanwhile, my neighbors are paying out the nose in heating and cooling bills.”

Whether or not these innovative new windows take off depends largely on the demand from builders, homeowners and landlords.

Historically, the biggest reason that energy-efficient technologies get adopted is that building codes require them, says Schleicher. Without explicit regulations that enforce minimum standards, builders often seek deals on materials so that they can maximize profits, and businesses and individuals who rent out properties often have little incentive to reduce tenants’ month-to-month energy bills.

Slashing home energy bills is just the next chapter for the tech that brought us smartphone glass.

Miter Brands is producing windows in North Venice, Fla. in which it layers Corning’s tough glass onto windows designed to withstand hurricane-force winds. Previously, the company’s impact-resistant glass doors weighed up to 600 pounds; using Corning thin glass inside has cut the weight by up to 40%, says Dean Ruark, vice president of engineering and innovation at Miter subsidiary PGT Innovations.

Despite being lighter, these new doors can pass the most stringent hurricane testing in the country: Miami Dade’s building codes for hurricane resistance. This involves withstanding ​​air pressure equivalent to a major hurricane, and a two-by-four fired from a cannon at 34 miles an hour…twice.



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The AI Boom Faces Its First Serious Debt Test

Technology and semiconductor shares fell sharply as investors questioned the debt financing the AI infrastructure boom and confronted higher rates and Chinese competition.

By Ruba Jaajaa
Mon, Oct 19, 2026 4 min

A sharp technology sell-off has exposed a new anxiety on global markets: whether the enormous borrowing behind the artificial-intelligence infrastructure boom can generate sufficient returns as interest rates rise and Chinese competition intensifies.

The artificial-intelligence investment boom has powered technology shares, semiconductor manufacturers and data-centre operators to extraordinary heights. Last week, investors were given a reminder that much of this expansion is being built with borrowed money.

The technology-heavy Nasdaq Composite fell 4.5 per cent over the week ended October 16, its weakest performance since late June. Semiconductor shares suffered an even deeper correction, with the Philadelphia Semiconductor Index losing about 11.4 per cent.

The selling spread quickly through global markets. Micron Technology fell 14.6 per cent over the week, while South Korea’s Samsung Electronics and SK Hynix dropped approximately 18 per cent and 24 per cent respectively.

This was more than a routine bout of profit-taking. Investors were reassessing three interconnected risks: higher interest rates, the rapidly expanding debt burden attached to AI infrastructure and the prospect of stronger competition from Chinese memory-chip manufacturers.

The debt behind the AI build-out

Artificial intelligence requires a physical infrastructure network of enormous scale. Data centres must be built, advanced processors purchased, power supplies secured and cooling systems installed before customers begin generating meaningful revenue from them.

Technology companies are increasingly supplementing their own cash with corporate bonds, syndicated loans, equipment leases, private credit and project-level financing.

JPMorgan describes the emerging funding model as a combination of conventional corporate borrowing and project finance tied to individual data-centre assets. In Australia, the Reserve Bank estimates that syndicated loans accounted for approximately three-quarters of data-centre financing during 2025 and 2026 to date.

The numbers are becoming large enough to affect broader credit markets. The Federal Reserve Bank of Dallas has cited Wall Street estimates suggesting AI-related investment-grade bond issuance could approach US$300 billion in 2026 alone.

That borrowing is not automatically problematic. Debt can be an efficient way to finance long-lived infrastructure when future revenue is sufficiently predictable. The concern is that AI technology, customer demand and computing economics are changing much faster than the repayment schedules attached to the assets.

A data centre financed today may carry debt for years. Investors must therefore make assumptions about future utilisation rates, electricity prices, chip performance, customer concentration and the amount businesses will ultimately pay for AI computing.

When interest rates rise, those assumptions become less forgiving.

Inflation changes the calculation

September’s US inflation data intensified the pressure. Consumer prices increased 3.7 per cent over the year, ahead of market expectations and up from 3.4 per cent in August.

The hotter reading reduced confidence that interest rates would fall quickly and pushed bond yields higher. That matters particularly for companies whose valuations depend on profits expected well into the future, as well as highly leveraged infrastructure operators that may need to refinance.

CoreWeave has emerged as a closely watched test case. The specialist cloud-computing company has accumulated substantial debt and lease obligations to build AI capacity, while relying on a concentrated group of large technology customers.

Its shares fell sharply during the sell-off, while the cost of insuring its debt against default climbed. CoreWeave has argued that its contracted backlog more than covers its obligations and that financial markets do not always understand its business model. Nevertheless, its securities have become a proxy for investor confidence in debt-funded AI infrastructure.

Oracle, another major investor in AI computing capacity, fell 8.8 per cent in Friday trading, while CoreWeave dropped 15.5 per cent.

The question is shifting from how much AI infrastructure can be built to how profitably it can be operated.

China adds another source of pressure

Interest rates were not the only catalyst. Reports of advances by Chinese memory-chip producer ChangXin Memory Technologies raised concerns that lower-cost Chinese products could increase competition across the global semiconductor industry.

Memory chips are essential to AI systems, but the industry is historically cyclical. Periods of tight supply and high pricing can encourage rapid investment, eventually producing oversupply and falling margins.

The prospect of a well-funded Chinese competitor expanding its technological capabilities unsettled investors in Samsung, SK Hynix and Micron. It also demonstrated that AI-related demand does not insulate chipmakers from conventional competitive pressures.

That combination—slower rate cuts, more expensive financing and potentially cheaper supply—challenged the assumption that every company exposed to AI would enjoy continually expanding margins.

A reset rather than the end of the boom

The sell-off does not establish that the AI boom is ending. Demand for computing power remains strong, the largest technology companies continue to generate formidable cash flows and many infrastructure projects are backed by long-term customer contracts.

What has changed is the market’s willingness to overlook the price and financing structure of that growth.

The most resilient companies are likely to be those able to fund investment from operating cash flow, secure long-duration customers and demonstrate that new capacity will earn returns comfortably above its financing costs.

More speculative operators may face greater scrutiny, particularly where debt is expensive, customers are concentrated or expected revenue depends on demand that has not yet materialised.

For Australian investors, the lesson extends beyond US technology shares. Local data-centre operators, infrastructure funds, electricity suppliers and property groups are increasingly exposed to the same investment cycle.

Artificial intelligence may remain one of the defining growth themes of the decade. But last week’s correction showed that enthusiasm for the technology does not eliminate financial discipline.

The next stage of the AI boom will be judged not only by computing power, model performance or demand for chips, but by something more traditional: whether the assets being financed can generate enough cash to repay the money borrowed to build them.

Fact box

Nasdaq Composite: Down 4.5 per cent for the week ended October 16, 2026

Philadelphia Semiconductor Index: Down approximately 11.4 per cent

Micron Technology: Down approximately 14.6 per cent

Samsung Electronics: Down approximately 18 per cent

SK Hynix: Down approximately 24 per cent

US September inflation: 3.7 per cent annually

Estimated 2026 AI-related investment-grade issuance: Approximately US$300 billion

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