Elon Musk is now steering his innovative prowess towards artificial intelligence with his latest venture, xAI. The ambitious project is not just another addition to his futuristic portfolio but more like a challenging move in the competitive world of AI. Musk’s xAI is reportedly in discussions to secure a colossal $6 billion in funding, aiming at a valuation of $20 billion.
Everyone seems to be keen to invest in the AI hype train
xAI’s fundraising efforts stretch across the globe, from family offices in Hong Kong to sovereign wealth funds in the Middle East, a nod to the international appeal of cutting-edge AI. Everyone is on the AI train, and this train isn’t slowing down anytime soon. This approach is a clear indicator of the universal interest in AI’s potential and Musk’s reputation, even though Twitter/X is going through a hard time right now.
The world of AI has seen a flurry of activity recently, with substantial investments flowing into the sector. xAI’s expected funding far exceeds its initial $1 billion target, underscoring the immense potential investors see in AI. With a valuation poised to rival some of the big names in the industry, Musk’s latest venture is setting the stage for a new chapter in AI development.
Musk, who played a pivotal role in founding OpenAI, is no stranger to the AI world. His departure from OpenAI‘s board in 2018 didn’t diminish his interest in the field; rather, it seems to have spurred him to create his own path in AI with xAI. Last year, xAI made headlines with “Grok,” a chatbot that challenges OpenAI’s ChatGPT. AI is definitely a competitive field right now
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(Via)
