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🔺Elon Musk’s xAI lands $6B in new cash to fuel AI ambitions
Elon Musk's AI company, xAI, has secured $6 billion in new funding, bringing its total raised to $12 billion. This latest round attracted notable investors, including Andreessen Horowitz, Blackrock, and Nvidia, and was restricted to previous backers. xAI aims to reach a valuation of $50 billion, double its earlier valuation.
Founded last year, xAI launched its generative AI model, Grok, which features a distinctive approach to answering questions and is integrated into X (formerly Twitter). Grok is designed to be less "politically correct" than competitors like ChatGPT.
xAI plans to utilize data from Musk’s various companies, including Tesla and SpaceX, to enhance its models, and is already providing customer support for Starlink. However, Musk faces criticism from Tesla shareholders over potential conflicts of interest. Despite these challenges, xAI is rapidly expanding, aiming to compete with major players in the AI space, and plans to raise more funds in the future.
🔺Elon Musk’s xAI lands $6B in new cash to fuel AI ambitions
Elon Musk's AI company, xAI, has secured $6 billion in new funding, bringing its total raised to $12 billion. This latest round attracted notable investors, including Andreessen Horowitz, Blackrock, and Nvidia, and was restricted to previous backers. xAI aims to reach a valuation of $50 billion, double its earlier valuation.
Founded last year, xAI launched its generative AI model, Grok, which features a distinctive approach to answering questions and is integrated into X (formerly Twitter). Grok is designed to be less "politically correct" than competitors like ChatGPT.
xAI plans to utilize data from Musk’s various companies, including Tesla and SpaceX, to enhance its models, and is already providing customer support for Starlink. However, Musk faces criticism from Tesla shareholders over potential conflicts of interest. Despite these challenges, xAI is rapidly expanding, aiming to compete with major players in the AI space, and plans to raise more funds in the future.
Pinterest (PINS) closed at $71.75 in the latest trading session, marking a -0.18% move from the prior day. This change lagged the S&P 500's daily gain of 0.1%. Meanwhile, the Dow gained 0.9%, and the Nasdaq, a tech-heavy index, lost 0.59%.
Heading into today, shares of the digital pinboard and shopping tool company had lost 17.41% over the past month, lagging the Computer and Technology sector's loss of 5.38% and the S&P 500's gain of 0.71% in that time.
Investors will be hoping for strength from PINS as it approaches its next earnings release. The company is expected to report EPS of $0.07, up 170% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $467.87 million, up 72.05% from the year-ago period.
Newly uncovered hack campaign in Telegram
The campaign, which security firm Check Point has named Rampant Kitten, comprises two main components, one for Windows and the other for Android. Rampant Kitten’s objective is to steal Telegram messages, passwords, and two-factor authentication codes sent by SMS and then also take screenshots and record sounds within earshot of an infected phone, the researchers said in a post published on Friday.
