🥊 Musk seeking $6B to challenge OpenAI

📖 Bionic Speed Reader by AI Tool Report

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Today’s top story: Despite denying reports last week, Musk is discussing a $6B investment into xAI, taking the company’s valuation to $20B.

Plus, to celebrate the opening of the GPT store, we’re releasing a new GPT each week. Try our latest one, the ‘Bionic Speed Reader’ to help you absorb information, quickly.

🌤️ This Morning on AI Tool Report

  1. 🥊 Musk seeking $6B to challenge OpenAI

  2. 📞 AI start-up bans user for Biden’s audio deep-fake

  3. 🤝 Altman explores semiconductor collaborations

  4. 🔏 Google’s Bard will read private messages

  5. 🍟 Musk to invest $1B in AMD & NVIDIA chips

Read Time: 5 minutes


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Our Report: Musk is targeting wealthy investors from the Middle East and East Asia to raise $6B in funding for xAI, valuing the company at $20B, and rivaling competitors Anthropic and OpenAI.

🔑 Key Points: 

  • Last week, Musk denied reports that his AI company xAI (makers of the chatbot, Grok, which is trained on Tweets) had raised $500M, taking it halfway towards its goal of $1B.

  • Document filings show that Musk is in talks with global investors from the Middle East, Hong Kong, Japan, and Korea to raise $6B in investment.

  • If successful, this funding will value xAI at $20B, behind OpenAI’s $100B valuation, but ahead of OpenAI competitor, Anthropic, which is valued at $18.4B.

🤨 Why you should care: Musk recently angered current investors, after threatening to remove all Tesla AI projects, unless he got 25% control over the company, which could affect discussions with his new global investors.

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  • ElevenLabs (an AI start-up that clones voices in over 20 languages) has closed the account responsible for the audio deep-fake that impersonated President Biden last week (where said user had called voters up and asked them not to vote).

  • Pindrop (a security company that identifies synthetic audio) traced the deep-fake by comparing the audio to 120 samples from deep-fake audio technologies.

  • ElevenLabs–which is valued at $1.1B, and backed by a16z–has yet to comment but has indirectly stated that it’s "dedicated to preventing the misuse of audio AI tools."

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  • Sam Altman has flown out to Seoul to meet with the world's top two memory chip producers—Samsung and SK Hynix Inc.—to discuss a potential collaboration.

  • This follows Altman’s discussions with investors last week to raise billions to establish a network of factories for manufacturing semiconductors.

  • Successful discussions with these semiconductor industry leaders could address global AI chip supply/demand issues and reduce OpenAI’s reliance on NVIDIA.

  • Google announced it was bringing its ChatGPT equivalent (Bard) to Messages to help users communicate better, but it’s since been revealed that Bard will also read private messages.

  • Bard will analyze the content within private messages (current and historic) to establish relationship dynamics and tailor responses accordingly.

  • Private messages will also be sent to the Cloud for processing and training, and stored there for 18 months which is raising concerns over leaks, misuse, and data-sharing practices.

What do you think about Bard reading private messages?

Is it necessary to provide better responses, or is it a step too far?

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  • Musk has announced that Tesla will invest over $1B in NVIDIA and AMD hardware by the end of 2024, after already pledging to spend $500M on NVIDIA this year.

  • This investment will power Project Dojo—Tesla’s custom-built supercomputer—to help process the large amounts of data needed to sustain fully autonomous vehicles.

  • In addition, this investment will help Tesla remain a leading force in AI, with Musk stating that “the table stakes for being competitive in AI are at least several billion per year.”

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Until next time, Martin & Liam.

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