xAI is looking to compete in an increasingly crowded AI space dominated by companies including OpenAI, Anthropic, and Big Tech companies including Google and Microsoft. Apple, the world's largest tech company, has also entered the AI space with its gradual launch of Apple Intelligence on some of its devices.

Fidelity marked up the value of its X Holdings shares by 32.37% in October, the largest monthly increase since helping Elon Musk buy the company in 2022. The big picture: Even with the valuation boost,