Lates News

Apollo Global Management is in talks with SoftBank Group to increase a loan from $5.4 billion to $9 billion to help the Japanese company ramp up its bet on AI giant OpenAI. The financing, backed by the assets of SoftBank's Vision Fund II, has not been finalized, people familiar with the matter said. Apollo issued a so-called net asset value loan to the SoftBank venture fund in 2021 and increased it by $900 million last year to $5.4 billion. NAV loans are backed by the assets of a fund and offer private capital firms a way to raise cash. SoftBank has become one of the world's biggest AI investors, drawing scrutiny over the various borrowings that fund that push. Credit default swaps on its debt rose to a three-year high this week as concerns grow over AI safety.