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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ark-invest-funds-elon-musks-ai-venture-xai-with-60-million/" data-wpel-link="internal">ARK Invest Funds Elon Musk’s AI Venture xAI with $60 Million</a><br></p>
<p style="text-align: justify">Cryptocurrency advocate Cathie Wood’s <strong>ARK Invest</strong> announced a $60 million investment in Elon Musk’s AI venture xAI. This move demonstrated ARK Invest’s confidence in xAI’s potential during a period of increasing AI investments. The announcement was made on May 28 via an email to ARK’s clients, emphasizing the strategic importance of this investment.</p> 
<h2 style="text-align: justify" id="investment-in-xai">Investment in xAI</h2> 
<p style="text-align: justify">ARK’s Chief Futurist Brett Winton detailed that the investment in <strong>xAI</strong> represents approximately 2% of ARK’s fund assets. Winton highlighted xAI’s unique advantage due to its access to X’s distribution and real-time data, and Musk’s relentless drive for rapid innovation. According to Winton, this combination will position xAI prominently in the competitive AI landscape.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-357204 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/blockchain-33.jpg" alt="" width="740" height="415"></p> 
<p style="text-align: justify">The investment in xAI is part of ARK Invest’s broader strategy to increase its share in the AI sector. Previously, ARK disclosed that 4% of its total assets are invested in OpenAI, the company behind ChatGPT, and another 5% in Anthropic, known for its Claude AI model. Winton predicted that foundational AI models could reach a market value of multiple trillions of dollars by the end of this decade.</p> 
<h2 style="text-align: justify" id="elon-musk-s-venture">Elon Musk’s Venture</h2> 
<p style="text-align: justify">Launched by Elon Musk in March 2023, xAI aims to compete with major AI organizations like <strong>OpenAI</strong>, <strong>Google</strong>, and <strong>Microsoft</strong>. xAI’s mission is ambitious, aiming to revolutionize the <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">AI field</a> with the latest advancements. As a significant milestone, xAI raised $6 billion in a Series B funding round on May 26.</p> 
<p style="text-align: justify">This round included major <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> such as Andreessen Horowitz, Sequoia Capital, <strong>Fidelity Management</strong> &amp; Research Company, as well as notable figures like Prince Alwaleed bin Talal and Kingdom Holding. This influx of capital raised xAI’s valuation to approximately $24 billion, marking a remarkable achievement for a venture just over a year old.</p> 
<h2 style="text-align: justify" id="ambitious-plans">Ambitious Plans</h2> 
<p style="text-align: justify">Musk outlined ambitious plans for xAI, including the launch of a new data center by fall 2025. Dubbed the “Gigafactory of Compute,” this facility is intended to support the training and development of xAI’s next-generation <strong>Grok AI</strong> system. These developments are a testament to Musk’s vision and determination to advance AI technology.</p> 
<p style="text-align: justify">Musk’s outspoken views on <strong>artificial intelligence</strong> have also been a significant part of the narrative. At the VivaTech Paris 2024 conference, he expressed concerns about current AI models, criticizing them for not pursuing “maximum truth-seeking” and succumbing to political correctness. Musk also suggested that AI will eventually surpass human capabilities in most tasks, potentially rendering many forms of employment obsolete.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ark-invest-funds-elon-musks-ai-venture-xai-with-60-million/" data-wpel-link="internal">ARK Invest Funds Elon Musk’s AI Venture xAI with $60 Million</a></h5>

ARK Invest Funds Elon Musk’s AI Venture xAI with $60 Million

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