Elon Musk’s artificial intelligence company xAI has secured $6 billion in new funding from 97 investors, according to a U.S. Securities and Exchange Commission filing on Thursday. Kyle Wiggers reports for TechCrunch that the minimum investment was $77,593, with expected participants including Valor Equity Partners, Sequoia Capital, and Andreessen Horowitz. The funding doubles xAI’s total …
Vanguard’s chief economist Joe Davis cautions that investors have overestimated the short-term potential of artificial intelligence technologies, suggesting a market correction may be imminent. In an article published by the Financial Times, Davis explains that while AI could be more impactful than personal computers, current market valuations reflect unrealistic expectations. The stock market is pricing …
PlayAI, a company developing AI-powered voice cloning and text-to-speech technology, has secured $21 million in seed funding led by 500 Startups and Kindred Ventures. As reported by Kyle Wiggers for TechCrunch, the Y Combinator-backed startup offers tools for creating synthetic voices, including a voice cloning feature and automated customer service agents. While the technology allows …
Anomalo has expanded its data quality platform to handle unstructured data monitoring for enterprise AI applications. As reported by Sean Michael Kerner for VentureBeat, the new solution aims to reduce AI deployment time by 30% through improved data quality control. The platform adds structured metadata to unstructured documents, helping organizations identify sensitive information and data …
Generative AI platform Writer has raised $200 million in Series C funding at a $1.9 billion valuation. As reported by Kyle Wiggers for TechCrunch, the round was co-led by Premji Invest, Radical Ventures, and ICONIQ Growth, with participation from major tech investors including Salesforce and Adobe Ventures. The company, founded in 2020 by May Habib …
AI search startup Perplexity is set to raise $500 million at a $9 billion valuation, tripling its worth from a few months ago, according to people familiar with the matter. Reported by Berber Jin for the Wall Street Journal, this would be Perplexity’s fourth funding round this year, and the company has faced criticism from …
Nvidia has become the world’s most valuable company, surpassing Apple with a market cap of $3.43 trillion as of November 5, 2024. According to Ryan Vlastelica reporting for Bloomberg, Nvidia’s dominance reflects the immense impact of artificial intelligence on Wall Street. The chipmaker is responsible for a quarter of the S&P 500’s 21% gain this …
Amazon, Microsoft, Meta, and Alphabet are set to spend a combined total exceeding $200 billion in 2024 to develop artificial intelligence, a record amount according to a Bloomberg report by Mark Bergen and Lynn Doan. Despite delivering mixed financial results, the companies plan to invest even more next year to secure high-end chips and build …
Microsoft has revealed that its AI business is on track to surpass a $10 billion annual revenue run rate next quarter, making it the fastest business in the company’s history to reach this milestone. The company’s CEO, Satya Nadella, attributes this growth to Microsoft’s partnership with OpenAI, the creator of ChatGPT. Microsoft disclosed in its …
Meta, the parent company of Facebook and Instagram, has announced significant advancements in its artificial intelligence projects and strong financial results for the third quarter of 2024. CEO Mark Zuckerberg revealed that Meta AI, the company’s generative AI tool, has surpassed 500 million monthly users and is on track to become the most-used AI assistant …