FMP

FMP

Enter

Nvidia (NASDAQ:NVDA) saw its shares rise nearly 7% yesterday, influenced in part by the news that Elon Musk’s AI startup, xAI, has obtained $6 billion in fundin

Nvidia Stock Surges as Elon Musk’s xAI Secures $6 Billion to Challenge OpenAI

-

twitterlinkedinfacebook
blog post cover photo

Image credit: FMP

Nvidia (NASDAQ:NVDA) saw its shares rise nearly 7% yesterday, influenced in part by the news that Elon Musk’s AI startup, xAI, has obtained $6 billion in funding to rival OpenAI. The Series B funding round, disclosed in a blog post on May 26, marks a major investment in AI, coming less than a year after xAI was founded.

Elon Musk, a significant advocate of AI who originally supported OpenAI before its ChatGPT release in late 2022, later withdrew his support due to concerns about the potential dangers of the technology. Last year, he joined other industry figures in calling for a temporary halt in AI development.

In November, Musk introduced Grok, an alternative to OpenAI’s ChatGPT, which has been integrated into X.com, the social network previously known as Twitter. Grok is the leading product of xAI, which is managed by executives with backgrounds from Alphabet’s DeepMind, Microsoft, and Tesla.

The newly acquired funds will be utilized to launch xAI’s initial products, develop sophisticated infrastructure, and speed up future technological advancements, according to the blog post.

Additionally, The Information reported last week that xAI intends to build a large supercomputer to support the next version of Grok, with Musk aiming for it to be operational by fall 2025.

Other Blogs

Nov 25, 2023 6:39 AM - Parth Sanghvi

DCF Valuation vs. Comparable Companies Analysis: Choosing the Right Valuation Method

Choosing the Right Valuation Method: DCF vs. Comparable Companies Analysis Introduction: Valuation methods play a pivotal role in determining the fair value of a company, aiding investors in making informed investment decisions. Two commonly used methods, DCF Valuation and Comparable Companies A...

blog post title

Dec 23, 2023 2:19 AM - Parth Sanghvi

Understanding the Limitations of DCF Analysis: A Guide to Overcoming Challenges

Introduction: Discounted Cash Flow (DCF) analysis stands as a cornerstone in valuing investments, yet its efficacy is contingent upon various assumptions and methodologies. While a powerful tool, DCF analysis comes with inherent limitations and challenges that investors must acknowledge to make i...

blog post title

Dec 25, 2023 2:28 AM - Parth Sanghvi

Integrating Sustainability into Valuations: Navigating ESG Factors within the Discounted Cash Flow (DCF) Model

Introduction: The investment landscape is undergoing a profound shift with a heightened emphasis on sustainability and responsible investing. In this blog post, we explore the intersection of Environmental, Social, and Governance (ESG) considerations within the Discounted Cash Flow (DCF) model, h...

blog post title
FMP

FMP

Financial Modeling Prep API provides real time stock price, company financial statements, major index prices, stock historical data, forex real time rate and cryptocurrencies. Financial Modeling Prep stock price API is in real time, the company reports can be found in quarter or annual format, and goes back 30 years in history.
twitterlinkedinfacebookinstagram
2017-2024 © Financial Modeling Prep