According to The Wall Street Journal, Elon Musk's artificial intelligence company xAI has raised $5 billion in its latest funding round, bringing its valuation to $50 billion. Previously, xAI secured $6 billion in the spring funding round, at which time its valuation was $24 billion. This latest funding round has brought xAI's total funding for the year to $11 billion.
xAI's main product is the chatbot Grok, which competes with top AI companies such as OpenAI, supported by Microsoft, Google’s DeepMind, and Anthropic. As a groundbreaking chat tool, Grok is seen as xAI's core competitive advantage in the AI field.
Reports indicate that xAI plans to allocate part of the new funding to purchase an additional 100,000 Nvidia chips for training AI models. This investment demonstrates xAI's significant commitment to hardware infrastructure, aiming to provide stronger computational support for the development of its AI technology.