SpaceX Seeks $40B for Nvidia Chips, Highlighting Surging AI Demand

Oct 6 (Reuters) - SpaceX is seeking to raise $40 billion in a financing effort led by asset manager Apollo Global Management to purchase Nvidia chips, the Financial Times reported on Tuesday, citing people familiar with the matter.

The Elon Musk-led company is seeking to raise about $10 billion in bank loans and $30 billion in investment-grade debt to fund its chip order, the report said.

Apollo is expected to lead the deal and help sell the debt to a broad range of investors, with bond fund P

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The S&P 500 rose to an all-time intraday on Tuesday, touching 7844.52 and surpassing its August 13 intraday peak when it hit 7,830. The benchmark also closed for the first time over 7,800.

The recovery comes after months of oil shocks, rising borrowing costs and the possible start of a Federal Reserve rate hiking cycle.

The record rally comes just a day after the 10-year Treasury yield rose to fresh 2022 high, hovering around 5.31%. In mid September, the Fed raised its benchma