Submitted by emelrad12 t3_zjxy27 in askscience
Source: https://www.youtube.com/watch?v=34P_ZHj336w
and https://youtu.be/7H4FOPk7QNQ?t=59
It mentions the Rehbinder effect, but Wikipedia's explanation is very short and there are very few other sources.
Acrobatic_Wonder8996 t1_izxj04w wrote
Submerging the glass in water is simply an easy way to keep the drill bit lubricated with water. You could also apply a constant trickle of fresh water to the drill bit, if the glass couldn't be submerged. The idea is to flush the little bits of glass away, as they break off, and to keep the drill bit from getting too hot.