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Today: June 9, 2024
May 28, 2024
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Elon Musk’s xAI secures staggering $6 billion investment funds


TLDR:

  • Elon Musk’s xAI raised $6 billion to challenge OpenAI, led by executives with prior experience at DeepMind, Microsoft, and Tesla.
  • The funding will be used to bring xAI’s first products to market, build advanced infrastructure, and accelerate the development of future technologies.

Article Summary:

Elon Musk’s artificial intelligence startup xAI has raised $6 billion in a series-B round to challenge his former allies at OpenAI. The funding will be used to accelerate the development of AI tools and compete with OpenAI’s ChatGPT. Musk, who had initially supported OpenAI before withdrawing his support, launched Grok as a rival to ChatGPT in Nov. The executives leading xAI have prior experience at DeepMind, Microsoft, and Tesla. The company aims to bring its first products to the market, build advanced infrastructure, and develop future technologies with the funding. Marquee venture capital names like Sequoia Capital and Andreessen Horowitz have backed the fundraising, making it one of the largest investments in the AI industry so far.


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