Musk's xAI to raise up to $12 billion in debt
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Nvidia stock could get a boost from Elon Musk's xAI and Alphabet's Google as they race to build artificial intelligence.
Elon Musk's artificial intelligence startup xAI is working with a financier to secure up to $12 billion more for its expansion plans, the Wall Street Journal reported on Tuesday, citing people familiar with the situation.
Elon Musk's xAI is reportedly seeking $12 billion in debt financing to buy Nvidia chips and build a massive AI supercluster, signaling an aggressive push to stay competitive in the global AI arms race.
XAI is tapping into the booming private-credit market to find the cash it needs to build massive data centers.
In a familiar critique of corporate structures, Musk also weighed in on the ideal environment for fostering such long-term, existentially focused AI. He declared, “For long-term optimization, it is better to be a private than a public company, as the latter is punished for long-term optimization beyond the reward cycle of stock portfolio managers.”
Elon Musk has said that he was living in denial over advancement in Artificial Intelligence while responding to a user's post on X.
Elon Musk recently claimed that we're at the beginning of an immense explosion of intelligence, citing the importance of safe and truth-seeking AI.
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The artificial intelligence chatbot, which has a dedicated account on X, praised Hitler after fielding a query about a user’s comments on the Texas flood.
A dynamic is emerging among Elon Musk’s Tesla, SpaceX, and xAI, fueling talk of consolidation. That isn’t necessarily a problem for Tesla shareholders.