ByteDance has secured a $29.6 billion loan from nearly 30 banks, three people with direct knowledge of the matter said on Friday, with the Chinese social media giant's bet on AI development driving strong interest from lenders.
The loan is the second-largest made in Asia this year after SoftBank raised $40 billion in March to boost OpenAI investments, underscoring lenders' enthusiasm for the sector which demands ever-increasing capital.
