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Bank of America Backs OpenAI with $520M | San Jose News
Bank of America just approved a $520 million credit line for OpenAI — a major pivot for the bank, which was once skeptical of AI startups’ ability to survive. The move comes as OpenAI prepares for its IPO, a chance Bank of America couldn’t afford to miss, especially given its wealth management reputation. With this new funding, OpenAI’s total available capital now tops $5 billion, signaling Bank of America’s cautious but growing embrace of the AI space — a shift driven by confidence in market viability, not just hype. Moynihan, known for his post-2008 caution, has been slow to act, even as…
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