Highlights from the Week: Key Investments in AI, IT, Web3, and Cryptocurrency (May 27-31)

In a week marked by significant investment actions, Elon Musk's enterprise xAI received a whopping $60 million from ARK Invest. Moreover, the University of Austin has established a Bitcoin-supported endowment aimed at innovating financial strategies for education alongside Unchained. On another note, Chinese AI startup Zhipu AI garnered investment from Prosperity7, symbolizing Saudi Arabia's proactive move into the AI sector amidst tightening US export regulations. Lastly, gaming firm Zentry accumulated significant funds to develop its Metagame Layer.

Elon Musk’s AI Firm, xAI, Secures $60 Million Investment from Ark Invest, Led by Cathie Wood

This influx represents approximately 2% of ARK Invest's portfolio holdings. Thanks to Musk's insistence on rapid adaptability, xAI differentiates itself from other AI investments by leveraging the extensive user base of X and leveraging real-time data. This integration allows advertisers to target specific demographics, while X's AI curates relevant user groups through innovative audience features. 

Initially, ARK Invest disclosed that it holds 5% in Anthropic and 4% in OpenAI. Musk's latest venture, xAI, was launched in March 2023 with a mission to compete against AI giants like OpenAI, Google, and Microsoft. In its Series B funding round, it raked in $6 billion, pushing its valuation beyond $24 billion. 

The University of Austin (UATX) and Unchained Join Forces to Create a Pioneering Long-Term Endowment

With hopes of raising $5 million, this fund will be strategically invested in Bitcoin over a minimum duration of five years. The initiative aims to explore various financial strategies while integrating Bitcoin within educational systems. It's anticipated that other universities will follow UATX's model, investigating alternative financing structures that might prove more robust. 

The investment fund will be securely housed in a joint custody vault managed by Unchained. The initiative is set to foster engagement through marketing collaborations, special events, guest lectures, and discussions, all while enlightening the community about Bitcoin's transformative potential in financial and educational realms. University endowments traditionally serve as independent income sources, composed of financial assets that support institutions.

Zentry Secures Funding to Build Its Metagame Layer, Fostering Cross-Platform Player Interaction

With over 16,000 ETH in its reserves, Zentry boasts more than $150 million in capital, positioning the company to advance its projects. the Metagame Layer’s development This funding aims to enhance upcoming web3 gaming and social experiences. According to Jarindr Thitadilaka, the partnership involving Spartan Capital, Synergis, and LongHash will be pivotal in linking users' online and offline experiences to the financial incentives inherent in Web3. 

Prosperity7 Invests $400 Million in Zhipu AI, a Chinese Artificial Intelligence Startup

The investment This move underscores Saudi Arabia's commitment to creating a robust AI ecosystem that can rival US dominance in the sector. With the US tightening export regulations concerning essential semiconductors for AI, as well as prohibiting specific investments in Chinese AI ventures, Saudi interests are pivoting to ensure they are not sidelined by Silicon Valley's influence. This investment is part of a broader strategy to forge partnerships between Chinese tech firms and Saudi governmental investors searching for new opportunities and funding avenues.