On October 13, Bloomberg reported that JPMorgan and Goldman Sachs implemented unusual risk control measures while leading a $5 billion loan sale for AI cloud startup Volta Infrastructure Holdings: the two banks are underwriting only $1.3 billion of the term loan, leaving approximately $3.7 billion in chip-related loans ununderwritten to reduce their exposure. Sources indicate that this move aims to mitigate the risk of investors demanding higher returns on high-risk AI debt and the risk of banks being forced to hold unsold loans. The debt is priced at a yield of about 11%, which is among the higher levels seen for AI financing in the leveraged loan market, and the transaction is unrated, making it difficult for collateralized loan obligations (CLOs), the largest buyers of such debt, to participate. Banks typically underwrite the entire debt package to assure borrowers of funding, but following the losses from unsold loans due to the sharp interest rate increases in 2022, they are becoming more cautious about unproven AI financing structures. The deadline for loan subscription commitments is October 14; JPMorgan had previously begun gauging investor interest in August.