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Elon Musk’s xAI secures $6B in bid to rival ChatGPT

Elon Musk’s artificial intelligence venture, xAI, has successfully raised $6 billion in a funding round aimed at developing a formidable competitor to ChatGPT. Announced on May 27, 2024, this significant investment underscores the growing interest and high stakes in the AI industry.

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Elon Musk’s artificial intelligence venture, xAI, has successfully raised $6 billion in a funding round aimed at developing a formidable competitor to ChatGPT. Announced on May 27, 2024, this significant investment underscores the growing interest and high stakes in the AI industry.

The funding round, led by prominent venture capital firms and tech investors, will enable xAI to accelerate its research and development efforts. The goal is to create an advanced AI language model that rivals OpenAI’s ChatGPT, which has set the standard for conversational AI.

Elon Musk, known for his visionary leadership in technology through companies like Tesla and SpaceX, has long been an advocate for the responsible development of AI. With xAI, Musk aims to push the boundaries of what artificial intelligence can achieve while ensuring ethical considerations are at the forefront of its development.

“We are committed to building AI systems that are not only powerful but also aligned with human values and safety standards,” Musk said in a statement. “This funding will allow us to attract top talent and invest in the necessary infrastructure to achieve our ambitious goals.”

xAI’s approach focuses on creating a more interactive and intuitive AI, capable of understanding and generating human-like responses with greater accuracy. The company’s research will delve into advanced machine learning techniques, neural networks, and natural language processing to enhance the AI’s capabilities.

The announcement of xAI’s substantial funding comes at a time of increasing competition in the AI space. Companies like Google, Microsoft, and OpenAI are continuously advancing their AI technologies, making the industry highly dynamic and rapidly evolving.

Investors are betting on Musk’s track record of innovation and his ability to disrupt established industries. The $6 billion raised will provide xAI with the resources needed to build state-of-the-art AI models and infrastructure, positioning it as a significant player in the AI market.

This funding milestone marks a critical step for xAI as it embarks on its mission to develop next-generation AI technology. With Musk at the helm, the company is poised to make significant strides in artificial intelligence, promising exciting developments in the near future.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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