OverflowError: (34, 'Result too large')

Python floats are neither arbitary precision nor of unlimited size. When k = 349, 16.**k is much too large - that's almost 2^1400. Fortunately, the decimal library allows arbitrary precision and can handle the size:

import decimal
decimal.getcontext().prec = 100
def pi():
    pi = decimal.Decimal(0)
    for k in range(350):
        pi += (decimal.Decimal(4)/(decimal.Decimal(8)*decimal.Decimal(k+1))...)

You reached the limits of your platform's float support, probably after k = 256:

>>> k = 256
>>> (4./(8.*k+1.) - 2./(8.*k+4.) - 1./(8.*k+5.) - 1./(8.*k+6.)) / 16.**k
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
OverflowError: (34, 'Result too large')
>>> k = 255
>>> (4./(8.*k+1.) - 2./(8.*k+4.) - 1./(8.*k+5.) - 1./(8.*k+6.)) / 16.**k
3.19870064997e-313

See sys.float_info for the exact limitations, but you are unlikely to run into a current CPU and OS combination that'll give you 100 significant digits in any case; my MacBook Pro with 64-bit OS X will only support 15.

Use the decimal module to go beyond your hardware limitations.

from decimal import Decimal, localcontext

def pi(): 
    with localcontext() as ctx:
        ctx.prec = 100  # 100 digits precision
        pi = Decimal(0) 
        for k in range(350): 
            pi += (Decimal(4)/(Decimal(8)*k+1) - Decimal(2)/(Decimal(8)*k+4) - Decimal(1)/(Decimal(8)*k+5) - Decimal(1)/(Decimal(8)*k+6)) / Decimal(16)**k 
    return pi