By Dean Seal

--Elon Musk's artificial-intelligence startup xAI is nearing a $10 billion to rent Oracle's cloud servers over a multi-year period, according to a report from The Information that cites an unnamed source.

--The deal would make xAI one of Oracle's largest customers, the report said.

--The proposed deal would be similar in size to ones that Oracle's bigger cloud rivals have already struck with OpenAI and Anthropic, and comes as xAI finalizes a $6 billion equity funding round to help pay for cloud costs, according to The Information.

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(END) Dow Jones Newswires

05-14-24 1313ET