ByteDance Secures 29.6B Loan for AI

ByteDance has secured a $29.6 billion loan from nearly 30 banks in China, boosting its AI development war chest. The debt package ranks as Asia's second-largest corporate financing this year, trailing only a $40 billion raise by SOFTBANK CORP in March. The capital influx highlights intense lender demand for infrastructure funding amid a global race in multimodal AI models.