Banks Line Up $22 Billion Chip Loan Tied to Blackstone, Alphabet
A group of 10 banks is providing a $22 billion chip loan to support Blackstone Inc. and Alphabet Inc.’s new cloud venture Crux AI, the latest mega-debt deal in the race to finance the expensive processors crucial to artificial intelligence.The debt will be used to purchase tensor processing units, or TPUs, a type of chip made by Google, and will be backed by the value of those chips and Crux AI’s customer contracts, according to people with knowledge of the matter....
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