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Anthropic is turning to high-yield private credit rather than cheaper funding to finance a huge build-out of Google's custom TPU chips, showing how capital-intensive the AI compute race has become. The deal signals continued strong demand for Google's custom chip business, though the double-digit yield also reflects the credit risk lenders attach to this kind of AI infrastructure financing.
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Anthropic is offering Blackstone a yield exceeding 10% on a $60 billion debt deal (Project North Star) to fund about 1.5 gigawatts of Google-developed custom TPU chips, with Blackstone funds putting in $9 billion of roughly $18 billion in subordinated loans.
Anthropic is turning to high-yield private credit rather than cheaper funding to finance a huge build-out of Google's custom TPU chips, showing how capital-intensive the AI compute race has become. The deal signals continued strong demand for Google's custom chip business, though the double-digit yield also reflects the credit risk lenders attach to this kind of AI infrastructure financing.
Jin10·10/17, 07:53 AM
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