Financial news reports and xAI press releases

xAI Raises $6B for 100,000 Nvidia Chips to Boost AI in Memphis

Nov 15, 2024, 03:03 PM

Elon Musk's artificial intelligence company, xAI, is raising up to $6 billion to purchase 100,000 Nvidia chips for its Memphis data center. The funding round, which is expected to close early next week, values xAI at $50 billion. The money will be used to expand xAI's computing capabilities, including the development of Tesla’s Full Self-Driving technology and the AI chatbot, Grok. The investment includes $5 billion from Middle Eastern sovereign funds.