Artificial Intelligence: Banks allocate 22 billion for AI project from Google and Blackstone
Crux AI, the joint cloud company of Blackstone and Google, is receiving a billion-dollar loan from ten banks. Another mega-credit for the expansion of AI infrastructure.
Blackstone and Alphabet's Google are launching a new cloud project called Crux AI, with funding of $22 billion provided by a group of 10 banks. The loan will be used to purchase Google's Tensor Processing Units, specialized AI chips. The lenders include Goldman Sachs, Sumitomo Mitsui Banking Corp, Barclays, BNP Paribas, and Bank of Nova Scotia.
The loan is secured by the value of the chips and customer contracts. The banks are also considering syndicating the loan and potentially replacing it with longer-term financing from institutional investors.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
