Bank of America said on Wednesday it plans to deploy $250 billion by July 2027 to finance U.S. digital and infrastructure projects through its "Critical Infrastructure Finance Initiative," targeting data centers, renewable energy and transportation. The 18-month program will provide primary market lending, investments and capital markets services, the Wall Street bank said.

The move reflects major financial institutions capitalizing on rising demand for AI data center and energy infrastructure upgrades. JPMorgan Chase and Morgan Stanley have announced similar initiatives, committing $1.5 trillion and roughly $1.5 trillion respectively to technology and infrastructure financing, Channel NewsAsia business reports.