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Investors to help Musk’s $3 billion xAI raise

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Elon Musk’s artificial intelligence startup, xAI, is reportedly in discussions with investors close to him to raise $3 billion, potentially valuing the company at $18 billion.

  • Elon Musk’s xAI startup is reportedly in talks with investors to raise $3 billion, potentially valuing the company at $18 billion, in a move that would intensify the artificial-intelligence arms race.

  • Despite Musk’s previous denial of raising additional funds for xAI, recent negotiations indicate a shift in strategy, with potential investors considering special funds to pool resources.

  • A substantial cash infusion could enable xAI to compete more effectively in attracting top AI talent and advancing its technology, potentially reshaping the landscape of artificial intelligence.

If finalised, this funding round would mark a significant milestone in the intensifying artificial-intelligence arms race.

One of the key figures involved is Steve Jurvetson, a long-time associate of Musk who serves on the board of SpaceX, Musk’s rocket company, and was previously a director at Tesla.

Another player in these talks is Gigafund, co-founded by Luke Nosek, also a SpaceX director and a member of the influential “PayPal mafia” group.

The specifics of the fundraising, however, remain fluid, and details have not been finalised.

Elon Musk launches AI firm xAI as he looks to take on OpenAI | Reuters

Large language models

This potential injection of funds reflects the escalating competition among leading AI startups, which have been raising substantial amounts to support the development of advanced large language models, such as those powering generative AI chatbots.

OpenAI, the organisation behind ChatGPT, recently secured $13 billion in funding from Microsoft, while its competitor, Anthropic, raised over $6 billion. Musk’s xAI, comparatively less funded, has been endeavoring to catch up with its rivals.

READ MORE – Elon Musk defends ketamine use as ‘beneficial for investors’

The company publicly launched in July and released its chatbot, Grok, later that year. Last month, it unveiled its latest AI model, Grok-1.5.

While xAI’s efforts to raise capital have previously been denied by Musk, recent talks indicate a shift in strategy.

Some potential investors are considering raising special investment funds to pool resources from various sources rather than relying solely on major venture firms.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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OpenAI terminates AI risk protection team

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Less than a year after its inception, OpenAI has made the decision to dissolve its team dedicated to researching long-term risks associated with AI.

The team, formed with the intention of studying and mitigating potential risks stemming from advanced AI systems, was a notable part of OpenAI’s broader mission to ensure that AI is developed and used responsibly.

Dr Karen Sutherland from University of the Sunshine Coast #featured

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What are the biggest takeaways from the Second global AI summit?

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Top executives from leading tech companies committed to prioritising safety in the development and deployment of artificial intelligence technologies at the Second Global AI Summit.

During the summit, representatives from major corporations such as Google, Microsoft, and IBM outlined specific measures they will take to ensure that AI systems are developed and deployed responsibly.

Tom Finnigan from Talkingbrands.ai joins to discuss. #featured #trending

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Microsoft reporting for duty with top tier title

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Major Gamepass addition are on the way, with Call of Duty: Black Ops title.

Reports suggest this as the largest addition to the service since its launch, indicating a strategic effort to boost subscription numbers in a challenging market. The decision, likely to be officially announced during the upcoming Xbox Games Showcase on June 9, reflects a shift in the gaming landscape and Microsoft’s commitment to Game Pass. Despite potential drawbacks such as upsetting existing subscribers and sacrificing direct sales revenue. #Featured #Trending

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