By cryptoadmin 
December 24, 2024
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Musk's AI startup raises additional $6 bn
Billionaire tech mogul Elon Musk's startup xAI mentioned it had raised $6 billion from traders in its newest funding spherical, because it battles stiff competitors within the synthetic intelligence market.
The agency, whose flagship product is the Grok chatbot, garnered assist from US enterprise capitalists, chipmakers NVIDIA and AMD, and funding funds from Saudi Arabia and Qatar amongst others.
Musk has repeatedly warned that AI poses a threat to human civilization, however he’s pushing arduous for a much bigger slice of funding within the sector and xAI already raised $6 billion in Could.
The corporate is now one of many world's Most worthy startups with an estimated $50 billion valuation, although nonetheless dwarfed by chief competitor OpenAI's estimated $157 billion.
Regardless of the sky-high estimates, critics have identified that AI corporations are burning via money and nonetheless don’t have any clear path to profitability.
Saying the funding on Monday, xAI mentioned it might use the money injection to "ship groundbreaking merchandise that will likely be utilized by billions of individuals".
It will additionally "speed up the analysis and growth of future applied sciences enabling the corporate's mission to grasp the true nature of the universe".
Musk, who additionally acts as boss of SpaceX and Tesla and is a chief backer of US president-elect Donald Trump, wrote on his X account that "a number of compute is required" to energy AI merchandise.
He launched the corporate in July 2023 shortly after he signed an open letter calling for a pause within the growth of highly effective AI fashions.
Musk is at present taking authorized motion in opposition to ChatGPT-maker OpenAI, which he co-founded as a non-profit in 2015 earlier than leaving in 2018, alleging that its conversion to a for-profit firm breaks legally binding commitments.
© 2024 AFP
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