Elon Musk Plans Generative AI Start-Up to Compete with ChatGPT
Billionaire businessman Elon Musk is reportedly in the process of announcing a new generative AI start-up, which will compete with ChatGPT by OpenAI and Google's Bard. He has been building a team of AI researchers and engineers, and has been in talks with investors from his other ventures such as Tesla and SpaceX to raise funds for the new start-up. According to a source with direct knowledge of the project, "a bunch of people are investing in it... it's real and they are excited about it."
Generative AI is a type of machine learning that can produce original content such as text, images, videos, and audio rather than simply analyzing or acting on existing data. Musk has reportedly purchased thousands of high-powered GPU processors from Nvidia, which are essential in creating generative AI's large language models that can produce human-like writing, images, or videos.
Market Outlook for Generative AI
According to a report by Brainy Insights, the global generative AI market is anticipated to grow at an annual rate of over 36% and reach $188.62 billion by 2032. The North American market dominated the industry in 2022. Additionally, Goldman Sachs estimates that generative AI could increase the global economy by almost $7 trillion, boosting productivity growth by 1.5 percentage points over a ten-year period.
Key Players in Musk's AI Start-Up
It is said that Musk has hired Igor Babuschkin, who recently left DeepMind AI, to lead a group of AI researchers. He is also recruiting engineers from leading AI labs, including DeepMind, to work on the project. Musk was a cofounder and CEO of OpenAI until 2018, and has been critical of the company's direction in recent months, arguing that OpenAI is placing too many safety nets to prevent ChatGPT from producing results that may be divisive or offensive to users.
Musk's Diverse Businesses and Investments
In addition to his potential entry into the generative AI industry, Musk has founded and invested in multiple businesses, including $137 billion rocket maker SpaceX, neurotechnology research company Neuralink, and infrastructure and tunnel construction services start-up The Boring Company. He also bought the microblogging site Twitter for $44 billion in October, and reportedly merged Twitter with his company called X Corp last week.
Despite this, Musk's new AI start-up will be a separate entity, and Twitter content may serve as training data for its language model. Musk may also utilize Tesla technology for computing resources.
