The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Elon Musk’s AI startup, xAI, is seeking new funding at a $40 billion (RM175.12 billion) valuation, according to sources familiar with the matter. This comes just months after a previous funding round raised $6 billion for the company.
The discussions are in the early stages, and details could still change, according to the source. xAI had a valuation of $24 billion after its last funding round in May, meaning the new deal could significantly boost its valuation, placing it among the most valuable startups in the US. The Wall Street Journal also reported on these talks.
During a virtual appearance at the Future Investment Initiative conference in Riyadh, Musk shared that xAI aims to double its access to compute, a crucial resource for advancing AI. He also mentioned that xAI’s Memphis facility is already the largest data center of its kind.
Musk, a co-founder of OpenAI, left the company and has been critical of its approach to AI, positioning xAI to compete directly with OpenAI, which is currently valued at $157 billion.
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