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On September 16, 2026, a consortium of ten banks finalized a $22 billion chip--backed loan to finance Crux AI, a strategic cloud venture between Alphabet Inc. and Blackstone. Codenamed "Project Braid," the entity is designed to lease Google's proprietary TPU (Tensor Processing Unit) hardware to enterprise clients. The transaction is a landmark in AI infrastructure financing, utilizing high--demand AI semiconductors as primary collateral. This partnership allows Alphabet to monetize its custom silicon at scale while providing Blackstone with a dedicated AI--compute platform, a move expected to enhance the valuation of Alphabet's hardware and cloud divisions.