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Elon Musk reveals, launches new AI company

Elon Musk. (Suzanne Cordeiro/For the Austin American-Statesman/TNS)
July 12, 2023

Billionaire tech entrepreneur Elon Musk, who owns Twitter and acts as CEO of Tesla and SpaceX, announced on Wednesday the launch of his new artificial intelligence company xAI.

“Announcing formation of @xAI to understand reality,” Musk tweeted Wednesday afternoon.

According to xAI’s website, the goal of Musk’s new company “is to understand the true nature of the universe.” More details about the project will be revealed during a Twitter Spaces event on Friday, July 14th.

“Our team is led by Elon Musk, CEO of Tesla and SpaceX. We have previously worked at DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto. Collectively we contributed some of the most widely used methods in the field, in particular the Adam optimizer, Batch Normalization, Layer Normalization, and the discovery of adversarial examples,” xAI’s website states.

“We further introduced innovative techniques and analyses such as Transformer-XL, Autoformalization, the Memorizing Transformer, Batch Size Scaling, and μTransfer,” it continues. “We have worked on and led the development of some of the largest breakthroughs in the field including AlphaStar, AlphaCode, Inception, Minerva, GPT-3.5, and GPT-4.”

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Goldman Sachs recently estimated that artificial intelligence will have a major impact on the current workforce in both the United States and Europe, as the technology continues to advance.  

According to an estimate provided by Goldman Sachs, 300 million jobs could be either replaced or significantly diminished by the new technology as artificial intelligence begins to take the place of human workers.

“If generative AI delivers on its promised capabilities, the labor market could face significant disruption,” the recent report by Goldman Sachs said. “Using data on occupational tasks in both the US and Europe, we find that roughly two-thirds of current jobs are exposed to some degree of AI automation, and that generative AI could substitute up to one-fourth of current work.”

This was a breaking news story. The details were periodically updated as more information became available.