AI tokens rally after Elon Musk's $4.3B fundraiser
Elon Musk's artificial intelligence firm xAI is holding talks to raise $4.3 billion in equity on top of the $5 billion it has been trying to borrow from debt investors, Bloomberg reported on June 17.
As reported earlier, xAI acquired X, formerly Twitter, which is one of the leading platforms for crypto-related discussions.
xAI, the company behind the AI chatbot Grok, partially needs new funds because it has already spent most of what it previously raised, the report mentions.
The AI startup raised $14 billion in equity between its foundation in March 2023 and the launch of the debt sale in 2025. However, it is left with only $4 billion on its balance sheet, as of March 31, the report mentions.
The AI tokens responded positively to the latest announcement.
TAO, the AI token powering the decentralized ML network called Bittensor, rose 1.28% in an hour to $356.68 at press time.
NEAR, a prominent AI token, rose 0.59% to $2.21.
ICP, the token powering decentralized AI solutions at the Internet Computer protocol, rose 0.49% to $5.29.
RENDER, the AI token powering the decentralized GPU rendering platform, rose 1.05% to $3.35.
FET, the AI token behind the Artificial Intelligence Alliance consortium, also rose 1.24% to $0.6787.
FIL, the token supporting the internet infrastructure behind decentralized AI, rose 0.63% to $2.43.
VIRTUAL, the token behind AI agent-enabling Virtuals Protocol, rose 0.9% to $1.79.
INJ, the token lying at the intersection of AI and DeFi at the Injective protocol, rose 1.16% to $11.47.
The AI tokens market cap stood at $26 billion at the time of writing.
AI tokens rally after Elon Musk's $4.3B fundraiser first appeared on TheStreet on Jun 17, 2025
This story was originally reported by TheStreet on Jun 17, 2025, where it first appeared.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
29 minutes ago
- Yahoo
Thailand to offer US more trade concessions to avert 36% tariff, Bloomberg News reports
(Reuters) -Thailand, in its latest proposal to avert steep U.S. tariffs, is aiming to boost bilateral trade volumes with the U.S. and reduce its $46 billion trade surplus by 70% within five years, reaching balance in seven to eight years, Finance Minister Pichai Chunhavajira told Bloomberg News on Sunday. Washington has threatened to impose a 36% levy on imports from Thailand if a reduction cannot be negotiated before July 9, when a 90-day pause capping tariffs at a baseline of 10% for most nations expires. Thailand is pushing for a best-case rate of 10%, Pichai said Bloomberg in an interview, adding that even a range of between 10% and 20% would be acceptable. Pichai expects to submit the revised offer before July 9, the report said.
Yahoo
an hour ago
- Yahoo
Elon Musk says he's formed the 'America Party.' Mark Cuban and Anthony Scaramucci are interested.
Elon Musk said on X that he's forming a new political party amid a feud with President Donald Trump. He said it would be called the "America Party." Musk has publicly criticized Trump's spending bill, which the president signed on July 4. Elon Musk declared on X the formation of a new political party amid his ongoing feud with President Donald Trump over the "Big Beautiful Bill." "Today, the America Party is formed to give you back your freedom," Musk wrote in an X post on Saturday afternoon. The Tesla CEO had said Friday on his social media platform that one way the new party could work is to focus on winning just a handful of Senate seats and House districts that could serve as the "deciding vote" on "contentious laws," given the "razor-thin legislative margins" in Congress. Fellow billionaire Mark Cuban appeared — not for the first time — to support the idea of a new party, replying to Musk's Saturday announcement with a series of fireworks and fire emojis. He added in a separate post: "I work with @voterchoice. They will help you get on ballots. That is their mission." SkyBridge Capital founder Anthony Scaramucci, who briefly served as White House communications director under Trump in 2017, also appeared interested in the party. "I would like to meet to discuss. My DMs are open," he replied to Musk. Musk's "America Party" announcement came after he conducted a July 4 poll, asking X users if they want "independence" from the two-party system. About 65% of the 1.25 million participants voted "Yes." Musk, who was a staunch supporter of Trump's 2024 reelection bid, has been publicly critical of the president's "Big Beautiful Bill," a sweeping domestic policy bill that includes extensive tax cuts and could add more than $3 trillion to the national debt, according to the Congressional Budget Office. Musk has characterized the bill on X as a form of "debt slavery." Just days after stepping away from his work at the White House DOGE Office, which was tasked with cutting spending and reducing the deficit, Musk in June called the legislation a "massive, outrageous, pork-filled Congressional spending bill." Musk then proposed the idea of forming a new political party that represents the "80% in the middle." Musk's repeated attacks on the bill led to a spectacular public fallout between him and the president. Trump even suggested that his office would look into possibly deporting Musk, a South African immigrant. Musk's July 4 poll on X came the same day Trump signed the bill into law. Musk and a White House spokesperson did not respond to a request for comment. Musk's back-and-forth regarding his involvement in political affairs has been followed by volatile times for the CEO of Tesla, his EV company. Wall Street analysts, including Tesla bull Dan Ives, have said that Musk's politics could lead the company astray if the chief executive doesn't snap back into focus. Earlier in June, Baird analysts downgraded the Tesla stock, noting that the Musk-Trump spat adds "uncertainty to TSLA's outlook. Read the original article on Business Insider
Miami Herald
an hour ago
- Miami Herald
Mattel's AI deal raises fears of ‘real damage' to kids
I don't allow my children to play video games. They don't have smartwatches, iPads, or smartphones. And yet, nearly every child in my son's class has either a phone or a smartwatch. Is it hard to say no and explain that he can't have something every other kid has? Don't miss the move: Subscribe to TheStreet's free daily newsletter Honestly, no - only because we believe that's the right thing to do. I am not trying to be too strict or rigid. I support providing them with basic knowledge of technology, but there should be balance. Related: TSA bans these common children's toys from airplanes They should be able to play - really play - outside in the mud, or inside with simple non-electric toys. It's then they actually use their mind, start to be creative, and feel the excitement of creating or discovering something new. "Playing is essential for human brain development, much more than cognitive functioning. Much more important than learning facts. It's play that helps the brain develop. We know that this is a scientific fact," explains Gabor Mate, a Canadian physician and an expert on trauma, addiction, stress, and childhood development. Today it seems harder than ever to foster kids' healthy development, as we are surrounded by technology. And toy producers keep pushing upgrades that seem not only unnecessary, but sometimes even scary. Barbie maker Mattel (MAT) has been making toys for 80 years, during which it has become one of the leading global toy manufacturers, and the creator of franchises cherished by kids and families around the world. On June 12, the toy giant unveiled a strategic partnership with OpenAI, the company behind ChatGPT. The idea behind the collaboration is to "bring the magic of AI to age-appropriate play experiences, with an emphasis on innovation, privacy, and safety," reads the press release. Related: Iconic toy store chain closing stores once again This begs the question - is there such a thing as safe interaction between a child and a chatbot? I sincerely doubt it. "Each of our products and experiences is designed to inspire fans, entertain audiences, and enrich lives through play," Mattel Chief Franchise Officer Josh Silverman said. "AI has the power to expand on that mission and broaden the reach of our brands in new and exciting ways. Our work with OpenAI will enable us to leverage new technologies to solidify our leadership in innovation and reimagine new forms of play." Entertain, inspire, excite, bring new forms of play? Do children really need new forms of play? More Retail: Huge retail chain suddenly closing hundreds of storesMajor retailer scores huge benefit from Joann bankruptcyHome Depot, Target, Ulta and more strike back at retail crime From my experience, you can just give children a little bit of sand, water, small branches, and some rocks. It would make them more than happy, playing for hours. More importantly, it would force them to be creative and develop their own exciting games. I am not alone in my concerns about the idea of ChatGPT-powered toys. Child welfare experts and advocacy groups such as Public Citizen are starting to warn about the potential dangers of this collaboration, writes The Independent. "Children do not have the cognitive capacity to distinguish fully between reality and play," Public Citizen Co-president Robert Weissman stated. Weissman noted that risks include "real damage" to children, undermining social development and impacting the their ability to form peer relationships. Even adults have been known to have dangerous "relationships" with AI chatbots. Why? Aarhus University Psychiatry Professor Søren Dinesen Østergaard explains that "the correspondence with AI chatbots such as Chat is so realistic that one easily gets the impression that there is a real person at the other end." Now imagine the still-developing child's brain in that position. OpenAI CEO Sam Altman recently said his company focuses on safety measures to protect vulnerable users. Related: Wendy's adds old-school toys to take on McDonald's Happy Meal Another important question for parents and caregivers: Is it worth it? Are there any actual benefits of ChatGPT-powered toys for children, or just potential risks? What's more, if simple iPads and smartphones are known to threaten children's development, what about a more powerful toy? Remember, playing is an important part of growing up and helps your child explore the world. While Mate did not comment on Mattel or its OpenAI collaboration, he talked about the general dangers of children's dependence on technology. "We've deprived our children of play. This [showing smartphone] is not play," Mate said. "These kids with their iPads at one year old have been robbed of their capacity to play. And the companies design these gadgets to make these kids addicted." Mate concludes with the words of his friend, an endocrinologist, saying, "What we have here is hacking of the American mind." There are still no details on exactly how OpenAI's technology will be integrated into Mattel's new toys, but hopefully, it ends up being one of those experiments that gets scrapped before it even starts. Related: Classic toy store chain files Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
