Elon Musk's company xAI is heavily investing in Memphis to establish a significant presence in the AI competition. The firm has already constructed the world's largest supercomputer, named "Colossus," and is nearing completion of an even larger facility called Colossus 2, as the race for AI dominance intensifies. The enormous financial stakes highlight the critical nature of infrastructure in developing advanced AI technologies.

Elon Musk has announced the merger of his social media platform X with his artificial intelligence company xAI, valuing the combined entity at over $100 billion. This strategic move comes after a difficult period for X, marked by declining revenue and advertising loss, and aims to capitalize on the growing market for generative AI tools.