SoftBank increases AI investment with $15 billion syndicated loan

CoinRank News: SoftBank Group will use a loan led by Mizuho Bank, Sumitomo Mitsui Banking Corporation and JPMorgan Chase to finance its artificial intelligence investments, showing SoftBanks ability to obtain funds for its grand ambitions. According to sources, the one-year $15 billion bridge loan is one of SoftBanks largest financings to date and will be funded by 21 banks, including $1.35 billion from Mizuho Bank, $1.25 billion from SMBC and $1 billion from JPMorgan Chase. In addition, HSBC and Barclays Bank contributed a total of $950 million, and seven banks including Goldman Sachs Group and Mitsubishi UFJ jointly contributed $850 million. The funds will help SoftBanks multi-year plan to try to influence the development of artificial intelligence. Chief Financial Officer Yoshimitsu Goto revealed at last weeks earnings conference that the first agenda includes the acquisition of chip design company Ampere Computing for $6.5 billion and an investment of up to $30 billion in OpenAI. (Jinshi)