<ul><li>Elon Musk’s AI startup xAI raised $5 billion in a funding round, valuing the company at $50 billion.</li><li>This brings xAI's total funding for the year to $11 billion and more than doubles its valuation from $24 billion to $50 billion.</li><li>The funds will be used to add 100,000 Nvidia chips for training AI models.</li><li>Menlo Ventures predicts that enterprise spending on generative AI will increase from $2.3 billion in 2023 to $13.8 billion in 2024.</li></ul>

Report: Elon Musk’s xAI Raises $5 Billion and Doubles Valuation

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