Connect with us

News

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.

Published

on

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.

Business

7-Eleven South Korea to accept CBDC payments in national pilot program

Published

on

7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

Continue Reading

Business

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

Published

on

The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

Continue Reading

Business

GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

Published

on

GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk