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Elon Musk’s nascent artificial intelligence venture, xAI, has set its sights on securing between $3 billion to $4 billion in funding, eyeing a valuation of $18 billion.
Amidst a wave of investor communications, including a detailed pitch deck, xAI is vying for a spot in the fiercely competitive AI market dominated by well-established players like OpenAI and Anthropic.
Artificial Intelligence Race Heats Up as xAI Seeks Funding
According to sources familiar with the matter, Musk’s team is engaging with Silicon Valley’s venture capital community to drum up interest in xAI’s financing round. Also, these discussions, which remain confidential, highlight Musk’s aggressive push to propel xAI to the forefront of the AI revolution.
OpenAI, known for creating the groundbreaking ChatGPT, has already clinched $13 billion from Microsoft. Its competitor, Anthropic, follows with over $6 billion in funding. Despite launching xAI publicly only in July 2023, Musk’s foray into AI has gathered momentum with the release of its chatbot, Grok, and subsequent availability on his social media platform, X.
The introduction of Grok-1.5, the latest AI model, marks xAI’s ambitious roadmap to become a leading name in artificial intelligence.
Read More: How Will Artificial Intelligence (AI) Transform Crypto?
Andy Jassy, Amazon’s CEO, recently underlined generative AI’s transformative potential, equating it to pivotal developments like cloud computing and the internet. In his annual shareholder letter, Jassy envisioned generative AI as a foundational component for Amazon’s future growth alongside its retail, Prime, and AWS services.
“Generative AI may be the largest technology transformation since the cloud (which itself, is still in the early stages), and perhaps since the Internet.” Jassy Stated.
Cathie Wood’s Ark Buys into OpenAI, Betting Big on AI’s Future
Simultaneously, Cathie Wood’s Ark Investment Management has thrown its weight behind OpenAI, confirming a stake in the AI pioneer through its Ark Venture Fund. Ark’s investment, alongside bets on companies like SpaceX and Epic Games, underscores the investment firm’s conviction in AI’s market-shaping power.
Brett Winton, Ark’s Chief Futurist, anticipates a staggering $16 trillion market cap for foundation model companies by 2030, revealing the high stakes and lofty expectations in the AI arena.
“Our fund is relatively new and small and for us, honestly, the incremental progress in the foundation model space has been quicker than even we had anticipated,” Winton added.
Read More: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
Formerly, as Musk’s xAI gears up for its multi-billion-dollar fundraising bid, the AI industry braces for a titanic clash of innovation, capital, and vision. Evidently, with xAI’s latest developments and strategic investments, the race to lead the next technological revolution is heating up, promising seismic shifts in the tech landscape and society.
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