Financial giant Fidelity bumped up the valuation of two Elon Musk-owned companies, social media platform X and AI startup xAI in October.

xAI is looking to compete in an increasingly crowded AI space dominated by companies including OpenAI, Anthropic, and Big Tech companies including Google and Microsoft. Apple, the world's largest tech company, has also entered the AI space with its gradual launch of Apple Intelligence on some of its devices.