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Elon Musk’s AI company xAI: funding target of one billion

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Elon Musk’s AI company xAI: funding target of one billion

xAI has already secured $135 million in funding. Getty Images

Elon Musk’s AI company xAI is aiming for a funding target of one billion US dollars. Investors have already secured $135 million.

Musk founded AI company xAI with the intention of “understanding the true nature of the universe.” You should still view his statements critically.

In the AI ​​sector, Elon Musk aims to challenge competitors. According to the „Financial Times“ His startup xAI, founded in June, is now pursuing a financing goal of one billion US dollars. 135 million have already been secured, although the company requires a minimum investment of two million from each investor.

Musk’s xAI competes with companies like Google and Microsoft. Just recently, competition OpenAI experienced chaos with the firing and return of CEO Sam Altman.

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Investments in generative AI are increasing

According to the Financial Times, one thing is clear: generative AI companies, whose technologies automatically create texts and images, are currently securing large amounts of financing. OpenAI received ten billion US dollars from Microsoft at the beginning of the year, while Google invested two billion in the startup Anthropic.

Other Silicon Valley tech companies like Mark Zuckerberg’s Meta are investing in in-house AI products. Still, critics pointed out that the ongoing hype could create a potential bubble.

xAI for understanding the universe

With the intention of “understanding the true nature of the universe,” Musk founded the AI ​​company xAI in July of this year, writes the “Financial Times.” The startup recently presented its first product: the sarcastic chatbot Grok. The product is said to have been trained on Musk’s social media platform X (formerly Twitter).

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X Premium subscribers received access to the AI ​​chatbot, while X investors would receive up to 25 percent stake in xAI, according to Musk.

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Contradictory statements

However, Musk’s statements about the opportunities and risks of artificial intelligence are somewhat contradictory. As Business Insider already reported, Musk advocated a six-month break in AI development in the summer – but at the same time built his own AI startup xAI.

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