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ByteDance secures $29.6B for AI
Reuters reported that ByteDance secured a $29.6 billion loan from around 30 banks, making it the second-largest loan in Asia this year, to bolster its investments in artificial intelligence. The financing, which has a three-year term with a two-year extension option, is used to fund its global projects and develop data centers in Southeast Asia. The targeted funding amount of $20 billion was surpassed due to broad lender participation, with significant contributions from Chinese banks accounting for more than 60% of the total. This financing is part of ByteDance’s efforts to increase its spending on smart technologies, including the purchase of specialized chips for inference operations and exploring a potential deal with Baidu.
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