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Elon Musk’s Latest AI Project Attracts $6 Billion, Signaling Major Industry Shift

Daniel Kim Views  

Artificial Intelligence (AI) startup xAI recently secured an investment of $6 billion from investors, as announced on their blog on the 27th.

Key investors in the second round of funding included Prince Alwaleed bin Talal of Saudi Arabia, prominent Silicon Valley venture capitals including Andreessen Horowitz and Sequoia Capital, and Fidelity Management and Research Company.

xAI was founded by Elon Musk in July last year after he resigned from OpenAI.

With this round of funding, xAI’s company value has inflated to $24 billion. This makes xAI the world’s second most valuable AI startup, following OpenAI, valued at $86 billion just eight months after its establishment. It also ranks as the ninth most valuable startup globally.

Due to its secured funding, CNN Business views xAI as a potential rival to OpenAI. The New York Times assesses that xAI is closing the funding gap with OpenAI through its rapid initial capital investment.

Last week, Musk, in a virtual appearance at a tech conference in Paris, France, stated that xAI has “a lot more to do” to compete effectively with OpenAI and Google, but he also expressed that it could be possible by the end of this year.

In November last year, xAI unveiled an AI chatbot called Grok for the subscribed users of X (formerly Twitter). Following this, the company introduced an improved version, Grok 1.5, featuring enhanced context-related functions.

Daniel Kim
content@viewusglobal.com

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