Elon Musk is in the process of raising $1 billion for his xAI artificial intelligence company, aiming to compete with OpenAI’s ChatGPT. According to an official filing with the US Securities and Exchange Commission on Tuesday, Musk’s company has already gathered $134.7 million and intends to raise a total of $1 billion. The filing indicates a firm agreement to secure the full amount, suggesting Musk may have prearranged deals to meet the target.
Last month, Musk provided a preview of xAI’s chatbot, named “Grok,” which he claimed was trained on data acquired from X, formerly Twitter, a platform Musk purchased for $44 billion a year ago.
Musk initiated xAI in July, hiring researchers from prominent institutions like OpenAI, Google DeepMind, Tesla, and the University of Toronto. He stated that the company’s mission is to “understand the true nature of the universe.”
The competitive landscape in generative AI, particularly with technologies like ChatGPT, has intensified, involving major players such as Microsoft and Google, as well as Meta and startups like Anthropic and Stability AI. Earlier this year, OpenAI reportedly secured commitments of $13 billion from Microsoft.
Musk’s funding initiative coincides with a tumultuous period for OpenAI, marked by CEO Sam Altman briefly stepping down before returning to a leadership role. Reports suggest that OpenAI had planned a share sale valuing the company between $80 and $90 billion, but the sale was delayed due to internal boardroom issues.
Air New Zealand Orders BETA Technologies’ ALIA Plane to Advance Carbon Emission Reduction Goals
In another development, Air New Zealand (AIR.NZ) announced its order of an all-electric five-seat ALIA plane from U.S.-based BETA Technologies, marking the airline’s first step in adopting next-generation aircraft to reduce carbon emissions on short domestic flights.
The firm order includes one ALIA with options for two more and rights for an additional 20 aircraft, aligning with the airline’s broader aim of achieving net-zero emissions by 2050.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/2XU4V4J6WFPFLKNX5Q2CTMD2VY.jpg)
To meet its sustainability goals, Air New Zealand plans to conduct a zero-emissions commercial demonstrator flight by 2026. Furthermore, the airline aims to replace its current 50-seat De Havilland Canada Dash 8 Q300 turboprops, which operate short domestic routes, with lower-emission alternatives starting in 2030.
The global aviation industry is actively pursuing sustainable aviation fuel and exploring electric, hybrid, and hydrogen propulsion technologies to mitigate its environmental impact.
