Grok Elon Musk’s xAI targets $6B to take on ChatGPT
Grok Elon Musk’s xAI targets $6B
Since ChatGPT burst onto the scene back in 2022, the tech world has been buzzing with excitement as various players strive to craft their own versions of generative AI. Among the big names in the game are industry giants such as Google, Alibaba, and Meta, all feverishly working to develop their counterparts to ChatGPT. Meanwhile, startups like Anthropic, backed by a hefty $300 million investment from Google, and Stability AI, are also making impressive strides in this groundbreaking field.
Grok Elon Musk’s xAI, the brainchild of the billionaire CEO of Tesla and a figure of ChatGPT fame, is currently making waves in the AI race. Rumor has it that Musk is in talks to secure a staggering $6 billion from investors worldwide, with a proposed valuation of $20 billion for his brainchild. Sources suggest that negotiations are underway with family offices in Hong Kong and sovereign wealth funds in the Middle East.
This $6 billion fundraising endeavor far surpasses xAI’s initial target of $1 billion, as disclosed in a recent filing with the US Securities and Exchange Commission. It’s a significant leap from the previously rumored $500 million in commitments from investors, which Musk himself has denied.
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Grok, a ChatGPT rival
Grok, a formidable rival to ChatGPT, made headlines last year when Elon Musk offered a sneak peek into his company’s chatbot. Designed with functionalities akin to ChatGPT, Grok boasts a training data pool sourced from X (formerly Twitter), a platform acquired by Musk for a whopping $44 billion back in 2022.
According to Musk, Grok stands out for its wit and intelligence, capable of tackling spicy questions that stump most other AI systems. During its unveiling, Musk revealed plans to integrate the xAI startup into his social media platform X, as well as offer it as a standalone app.
The inception of xAI came about as tech behemoths poured investments into Gen AI technology. Musk officially launched xAI in July, leveraging talent from OpenAI, Google DeepMind, Tesla, and the University of Toronto to spearhead the initiative.
In recent developments, Musk has expressed concerns about AI and robotics ventures outside of Tesla, emphasizing the need for increased voting control within the company. He stressed that he would be hesitant to propel Tesla into an AI leadership role without securing at least 25% voting control.
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