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 rivals moved faster, but this deal shows he’s finally willing to bet on the future — if the math checks out. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/9e88908d0168e823