PANews reported on November 1 that according to The Information, the UAE fund MGX is in talks to invest in Elon Musk's artificial intelligence company xAI. xAI is the developer of the chatbot Grok and is currently seeking to raise $5 billion at a valuation of about $45 billion.

If MGX's investment is completed, it will be its second known investment in the field of large language models. MGX was founded only 7 months ago and invested $6.6 billion in OpenAI last month. In addition, Mubadala Investment Co., one of MGX's main backers, also purchased a stake in the bankrupt cryptocurrency exchange FTX through an affiliated company, making an indirect investment in AI company Anthropic.