Amazon secured a $17.5 billion (about 26.6 trillion won) loan from Citibank and others to expand investment in artificial intelligence (AI) infrastructure.
According to Reuters on the 10th (local time), Amazon disclosed that it received the loan from Citibank, Bank of America (BoA), JPMorgan Chase, HSBC, and Wells Fargo. The loan is a "delayed draw term loan," which allows funds to be drawn as needed.
Big tech corporations are competing to raise AI funding. Meta applied in Oct. last year to issue a record $30 billion (about 45.6 trillion won) in corporate bonds, and Alphabet, Google's parent company, unveiled its first plan last month to issue yen-denominated bonds. Amazon also issued €14.5 billion (about 25.5 trillion won) in euro-denominated bonds in Mar., setting a record for the largest deal in the euro corporate bond market.
Foreign media expect capital expenditures by Amazon, Microsoft, Alphabet, and Meta to exceed $670 billion this year.