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xAI secures further billions in investment
U.S. tech billionaire Elon Musk has secured another six billion USD (€5.8 billion) in investment for his artificial intelligence company xAI. According to xAI, the latest round of investors included U.S. venture capitalists such as Blackrock and Morgan Stanley, U.S. chipmakers Nvidia and AMD, and investment funds from Saudi Arabia and Qatar.
According to an AFP report, the money will be used to produce breakthrough products that will benefit billions of people. The new funding makes Musk's company one of the highest valued start-ups in the world with an estimated value of 50 billion USD. However, its main competitor OpenAI with chatbot ChatGPT is valued much higher at around 157 billion USD.
xAI explained that the six billion will also be used to accelerate research and development of “future technologies” to achieve the company's “mission” to understand, in its own words, the true nature of the universe. Musk wrote in an X post that a lot of computing power is needed for artificial intelligence. The company offers a chatbot called Grok 2.
