Bank of America extends $520 million credit line to OpenAI in its first loan

Bank of America has extended a $520 million credit line to OpenAI, marking the financial institution's first loan to the AI company as it prepares for a potential initial public offering. This deal represents a significant pivot for the bank, which had previously rejected lending to OpenAI due to skepticism about the high capital spending of money-losing AI startups. The credit line positions Bank of America as one of OpenAI's largest lenders and underscores the intense competition among financial institutions to secure lucrative financing roles with leading AI market leaders. This funding will support OpenAI's continued infrastructure demands and its plans to expand wider access to its advanced models.