People familiar with the matter revealed that a consortium of 10 banks will provide a $22 billion chip loan to support Crux AI, a cloud business newly established by Blackstone Group and Google's parent company Alphabet. This is another huge financing deal launched in the AI competition to purchase core high-priced processors. According to people familiar with the matter, the loan funds will be used to purchase Google's self-developed chip, the Tensor processor. The loan guarantee is the asset value of this batch of chips and Crux AI's customer contract. Banks involved in the loan include Goldman Sachs Group, Sumitomo Mitsui Bank, Barclays, BNP Paribas, and Scotiabank Canada, according to sources. The source added that the bank group is introducing more funders through syndicated distribution to share credit risks. This debt is likely to be replaced in the future with long-term financing provided to institutional investors in the investment-grade bond market. According to other sources, some banks will also separately provide a revolving credit line of US$1 billion.

People familiar with the matter revealed that a consortium of 10 banks will provide a $22 billion chip loan to support Crux AI, a cloud business newly established by Blackstone Group and Google's parent company Alphabet. This is another huge financing deal launched in the AI competition to purchase core high-priced processors. According to people familiar with the matter, the loan funds will be used to purchase Google's self-developed chip, the Tensor processor. The loan guarantee is the asset value of this batch of chips and Crux AI's customer contract. Banks involved in the loan include Goldman Sachs Group, Sumitomo Mitsui Bank, Barclays, BNP Paribas, and Scotiabank Canada, according to sources. The source added that the bank group is introducing more funders through syndicated distribution to share credit risks. This debt is likely to be replaced in the future with long-term financing provided to institutional investors in the investment-grade bond market. According to other sources, some banks will also separately provide a revolving credit line of US$1 billion.