ByteDance secures $29.6B loan to fund major AI infrastructure expansion

TikTok's parent company ByteDance has arranged a $29.6 billion loan as part of its growing artificial intelligence ambitions. The Chinese tech giant is reportedly considering investing as much as $70 billion in AI data centers and related infrastructure. The move signals ByteDance's intent to compete aggressively in the global AI race. This development comes at a time when leading U.S. AI companies have been calling for a slowdown in the pace of AI advancement.