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Thursday, June 13, 2024

Elon Musk’s xAI raises $6 billion to fund its race towards ChatGPT and all the remainder

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Elon Musk founded xAI last summer, and in the present day it introduced raising $6 billion in funding, saying it’s going to assist carry the startup’s “first merchandise to market, construct superior infrastructure, and speed up the analysis and growth of future applied sciences.”

To this point, xAI has launched Grok, a supposedly edgier model of OpenAI’s ChatGPT obtainable through X, previously often known as Twitter, the place the chatbot is at the moment solely obtainable to X Premium subscribers.

Funding on this spherical got here from a number of sources, in accordance with xAI, together with Andreessen Horowitz, Sequoia Capital, and Saudi Arabian Prince Al Waleed bin Talal. Final 12 months, a submitting with the Securities and Trade Fee confirmed that xAI was seeking to raise up to $1 billion in fairness investments, and some months in the past, The Financial Times reported it was looking for as much as…. $6 billion. Musk denied that report on the time.

Persevering with on within the AI race for chips, expertise, and expertise gained’t be low-cost — huge tech companies have dumped billions into AI startups like Anthropic along with the sources Google, Apple, Amazon, Microsoft, and Meta are pouring into AI initiatives of their very own.

Outdoors of xAI and OpenAI, Musk stated he would “want to construct merchandise exterior of Tesla” on the subject of AI and robotics except he will get extra management. Tesla shareholders will start voting this week on whether or not to revive Musk’s $56 billion pay package forward of its annual assembly on June thirteenth.

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