Heard on the Street Recap: Cloud City

Like Google and Microsoft, it is spending aggressively on artificial intelligence and raised estimates for capital expenditures next year. BlackRock’s private-credit investing arm HPS Investment Partners and other lenders are trying to recover hundreds of millions of dollars after falling victim to what they called a “breathtaking” fraud, the Wall Street Journal reported. The lenders have accused Bankim Brahmbhatt, the owner of little-known telecom-services companies Broadband Telecom and Bridgevoice, of fabricating accounts receivable that were supposed to be used as loan collateral.

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