Asian Stocks Rebound as Tech Shares Rally on Fed Rate Cut Hopes and Easing Iran Tensions 
Baidu Shares Rally as Kunlunxin Eyes $50 Billion Hong Kong IPO 
Gold Price Holds Above $4,000 as Fed Rate Hike Expectations and U.S. Jobs Data Weigh on Market 
Oil Prices Steady as U.S.-Iran Talks Ease Supply Fears Ahead of Holiday Weekend 
Asian Currencies Stay Under Pressure as Dollar Holds Near 13-Month High Ahead of U.S. Jobs Report 
Microsoft Reportedly Plans New Job Cuts Across Sales, Consulting, and Xbox 
Oil Prices Slip as Iran Talks and Strong Supply Outlook Ease Market Concerns 
Meta CEO Zuckerberg Says AI Agent Development Has Slowed Despite Massive AI Investment 
The government is ‘doubling down’ on its social media ban. But bigger penalties for platforms aren’t enough 
South Korea Alleges Google Abused Android App Store Dominance, Eyes Major Fine 
Smartphones are helping filmmakers tell the stories the movie industry overlooks 
Wall Street Ends Mixed as Weak Jobs Data Lowers Fed Rate Hike Bets, Chip Stocks Tumble 
Baige Online Shares Soar 333% in Hong Kong IPO Debut as AI Insurance Demand Lifts Chinese Listings 
Trump Administration Declines USMCA Renewal, Opens Talks on New Trade Changes 
US Resumes Dollar Shipments to Iraq After Months-Long Suspension 
Australia Trade Balance Swings to Surprise Deficit as Imports Outpace Exports in May 
New Zealand Consumer Confidence Rises in June as Inflation Expectations Ease 
Elon Musk’s xAI has obtained $6 billion from 97 backers, boosting its valuation and spurring the development of a high-profile Memphis supercomputer. The filing, released Thursday, discloses no investor names but sets the stage for a significant AI footprint that could reshape regional technology priorities.
Elon Musk's xAI Secures $6 Billion in New Funding
According to a regulatory filing, Elon Musk's xAI has raised $6 billion in new financing, completing a funding round that had been planned for months and was believed to have valued the artificial intelligence business at around $40 billion, Bloomberg reports.
A total of 97 individuals contributed $77,593 in equity funding, as disclosed in Thursday's filing with the US Securities and Exchange Commission. There was no mention of investors, valuation, or revenue from the firm.
In October, Bloomberg News reported that xAI was attempting to obtain $40 billion (not including the funds already raised) in new capital.
xAI's $6 Billion Push and Aggressive Funding Strategy
A request for comment by email went unanswered by Musk for some time. The billionaire has been actively seeking funding for xAI since its inception in 2023. In May, the firm completed a second $6 billion round of funding, bringing the total worth of the firm to $24 billion when combining the capital raised.
Current xAI investors Sequoia Capital and Andreessen Horowitz are among those who have backed Musk's earlier ventures, including X.
Opening early this year, xAI's new supercomputer facility in Memphis was able to use at least some of the funds.
Memphis Supercomputer: A Game-Changer for AI Development
According to Yahoo Finance, the facility's expanding size is drawing other significant technology companies to the area, such as Super Micro Computer Inc., Nvidia Corp., and Dell Technologies Inc., and local officials referred to it as the "largest multibillion-dollar investment in the city of Memphis’s history" when it was first announced.
Grok, XAI's chatbot, is accessible to paying users of X, the social network that was once known as Twitter.
