Technology · 1 hour ago
ByteDance borrows $29.6 billion for AI projects
ByteDance, the company behind TikTok, has obtained a substantial loan of $29.6 billion from almost 30 banks. The loan, which was initially targeted at $20 billion, will mainly fund AI projects outside China, including data centres in Southeast Asia. The three-year loan is unsecured, meaning banks are relying on ByteDance's reputation alone.
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