xAI in talks to raise $3B-$4B at $18B valuation

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Top stories today:

  1. xAI in talks to raise $3B-$4B at $18B valuation
  2. ChatGPT nears all-time high usage of May 2023
  3. Taiwan’s #1 export partner becomes U.S., as China exports fall
  4. Amazon CEO: “sad story” state of regulatory hurdles

0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. xAI in talks to raise $3B-$4B at $18B valuation

#3 decacorn in generative AI by valuation and total funding:

  • Jan.: $1B funding at an estimated much lower valuation.

  • ~$0 in revenues.

  • Grok 1 and 1.5 significantly underperform the top models like GPT-4, Claude, and Gemini.

  • But Elon should never be discounted.

2. ChatGPT nears all-time high usage of May 2023, as Gemini, others grow faster

1.77B global visits in March, vs. 1.81B in May 2023:

  • Non-U.S. traffic is close to 90% of total, notably.

ChatGPT was +13% MoM, vs. +37% for Gemini (to 0.43B), +161% for Claude

Gemini is cementing its place as #2, as Claude could soon jump to #3

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4. Taiwan’s largest export partner becomes U.S. in Mar., as China exports fall

South Korea had the same switch in Dec. 2023

In China, exports were -7.5% YoY in March, imports -1.9%, much lower than the expected -1.9% / +1.1%

5. Amazon CEO: “sad story” state of regulatory hurdles

Jassy also wrote in Amazon’s letter to shareholders that generative AI “may be the largest technology transformation since the cloud”

Read more: WSJ.

6. Interesting videos, posts, and memes

7. Other headlines


  • TikTok may use AI influencers for advertising.

  • Udio’s AI music generator gets positive reviews.

* Sponsored. Disclaimer: This is a paid advertisement for RAD AI’s Regulation CF offering. Please read the offering circular at invest.radintel.ai.


  • M4 Macs, AI-optimized, to launch in late 2024, early 2025, stock +4%.

  • Spotify may launch tool for easy remixing of songs.

  • Apple will allow used parts for repair, starting with iPhone 15 lineup.

  • DuckDuckGo launches $10/mo privacy bundle with VPN.


Tech & law

  • Elon to meet Argentina’s Milei at Tesla factory in TX this morning.



  • PPI at 0.2% / 2.1%, lower than expected, as core is in line.


  • SBF appeals fraud conviction, as expected.

  • Bipartisan stablecoin bill pitched to Senate Majority Leader.

  • Solend sees higher deposits after departure of rival MarginFi co-founder.

  • Avi Eisenberg may testify in Mango Markets trial.

U.S. politics


  • Iranian attack expected on Israel in next 1-2 days.

  • Ukraine weapons stock running out as Congress fails to pass aid.

  • Navalny posthumous memoir ‘Patriot’ out on Oct. 22.

  • Russia says exchange prisoner talks with U.S. are underway.

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