ING Puts $500 Million of Data Center Loans Up for Sale as AI Selloff Rattles Markets
Dutch lender ING is putting about $500 million of data center loans up for sale all at once, according to Bloomberg News, including a $25 million loan tied to a New Mexico data center in the Stargate AI venture backed by OpenAI, SoftBank and Oracle. The sale follows a sharp selloff in chipmakers and AI infrastructure stocks.
ING Puts $500 Million of Data Center Loans Up for Sale as AI Selloff Rattles Markets
Dutch lender ING is putting up for sale about $500 million of data center loans all at once, Bloomberg News reported on Thursday, citing people familiar with the matter.
The portfolio includes a $25 million loan tied to a large New Mexico data center that forms part of the Stargate artificial intelligence infrastructure venture backed by OpenAI, SoftBank Group and Oracle, the report said.
The bank is taking bids for a dozen loans through a so-called bids-wanted-in-competition process, according to the report. Bids are due on November 19, for at least $10 million in size.
Reuters could not immediately verify the report. ING did not immediately respond to a request for comment outside business hours.
Sale follows a sharp AI selloff
The sale comes after a broader selloff that hit chipmakers and so-called neocloud companies particularly hard, as the Democrats' sweeping victory in the US midterms fanned fears of tougher regulation of the technology.
The portfolio also includes debt linked to data center operators such as Vantage Data Centers and CyrusOne, Bloomberg said.
The selloff evaporated $3 trillion in stock market value from S&P 500 companies. Data center operators Applied Digital, Cipher Digital and IREN tumbled more than 14% each.
Sources
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