Apollo Global Management Inc. and Blackstone Inc. are among private credit lenders involved in talks with chipmaker Broadcom Inc. over a roughly $35 billion financing, the latest indication that companies are mobilizing all sources of capital to fund the AI build-out.

The financing, which would be one of the largest ever private credit deals, will help Broadcom fund the development of chips for AI tasks, according to people familiar with the matter who asked not to be identified discussing private information.