Elon Musk's xAI, aiming to compete with OpenAI's ChatGPT, is reportedly seeking $6 billion in funding to reach a $20 billion valuation. xAI has already launched its chatbot Grok, which offers real-time knowledge and answers spicy questions. The company is committed to ensuring AI remains a force for good and is developing safeguards against malicious use.
Elon Musk
has set his sights on the exploding AI chatbot market, with his fledgling venture
xAI
reportedly chasing a monumental $6 billion funding haul to go head-to-head with OpenAI's ChatGPT. This colossal fundraising push, as revealed by The Financial Times, signals
Musk
and xAI’s intentions to take on
OpenAI
and
ChatGPT
, which has gained quite a lot of popularity.
Fueling this bold ambition is a potential $6 billion cash injection, which, if secured, would rank amongst the largest AI funding rounds ever. Such a deal would catapult xAI to a staggering $20 billion valuation, instantly securing it as a major force in the AI arena. The Financial Times suggests Morgan Stanley and Middle Eastern investors may be driving xAI’s funding plans.
Earlier, a report by Bloomberg had suggested that xAI had secured funding of $500 million but Musk termed it as “fake news”. So far, Musk or xAI haven’t commented on The Financial Times report.
xAi wants AI to remain a "force for good"
xAI has already debuted a beta version of its flagship product, the chatbot Grok. While still in its infancy, it is too early to comment on whether
Grok
has got what it takes to compete with ChatGPT. "Grok is designed to answer questions with a bit of wit and has a rebellious streak, so please don’t use it if you hate humour. A unique and fundamental advantage of Grok is that it has real-time knowledge of the world via the 𝕏 platform. It will also answer spicy questions that are rejected by most other AI systems,” xAI said when Grok was made available for users. It is currently available only to those who are premium subscribers of X.
“We believe that AI holds immense potential for contributing significant scientific and economic value to society, so we will work towards developing reliable safeguards against catastrophic forms of malicious use. We believe in doing our utmost to ensure that AI remains a force for good,” xAI had said about venturing into artificial intelligence.
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