Elon Raising $6B for xAI & Apple's Massive Buyback

Author

Adam Valenta
May 03, 2024

Happy Friday! Elon Musk closing in on $6 billion for xAI, while Binance founder Changpeng Zhao is sentenced to four months in prison for money laundering. Augment, an Eric Schmidt-backed GitHub Copilot rival, launches with $252M funding. Apple stock soars after an impressive earnings beat and $110 billion stock buyback.

TL;DR

  • Elon Musk plans to raise $6 billion for xAI

  • Binance founder, Changpeng Zhao, sentenced to four months in prison for money laundering

  • Augment, an Eric Schmidt-backed GitHub Copilot rival, launches with $252M funding

  • Apple stock has best day since 2022 after earnings beat and $110 billion stock buyback

Elon plans to raise $6 billion for xAI

TechCrunch reports Elon Musk's xAI is raising $6 billion, valuing the startup at $18 billion pre-money. Musk pitches xAI as a rival to OpenAI, leveraging his connections to Tesla, SpaceX, and other ventures. Despite skepticism, xAI's potential to enhance self-driving cars and robots makes it a formidable AI contender with new funding.

Binance founder CZ jailed for four months

Binance founder Changpeng Zhao receives a four-month prison sentence for failing to establish proper anti-money laundering measures, emphasizing Binance's growth over US compliance. Despite pleading guilty, Zhao's control over the company remains, known for its extensive token listings. Prosecutors highlight the scale of sanctions violations, while Zhao's defense cites his cooperation and Binance's corrective actions.

Eric Schmidt backed Augment (the other Augment) out of Stealth with $252M

AI integration in coding is surging, with 44% of developers already utilizing AI tools and an additional 26% planning to adopt them. Augment, a new player in the field, emerges with $252 million in funding, aiming to revolutionize generative AI coding. Despite competition, its unique approach may reshape the industry.

Apples Stock best day since ‘22. $110 buyback.

Apple's shares surge 6% following better-than-expected second-quarter earnings and the announcement of a record-breaking $110 billion stock buyback. Despite a 4% overall sales decrease and a 10% drop in iPhone sales, analysts foresee positive momentum, anticipating growth from generative artificial intelligence features and upcoming product launches.

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Take soon and have a fantastic weekend!

Cheers,

Adam Valenta

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