ByteDance raises $29.6B for AI

ByteDance announced that it has obtained a $29.6 billion loan from approximately 30 banks to boost its investments in artificial intelligence. This makes it the second-largest loan in Asia this year, after SoftBank's $40 billion loan. The financing, coordinated by banks from China, the United States, Europe, and Singapore, aims to support the company's international projects, especially data centers in Southeast Asia. It is primarily used to enhance its efforts in artificial intelligence. This loan comes after ByteDance increased its spending on AI technologies, continuing its exploration of purchasing specialized chips for this field.

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