XAI - xAI (Elon Musk's AI company)

Raised money at $230B valuation on only $500M in sales — a 460x revenue multiple. Tom calls this 'madness' and warns of extreme overvaluation.

Tom mentions XAI alongside Tesla and Korean memory stocks as part of his AI-focused investment strategy

xAI holds only 3.4% market share vs ChatGPT/Gemini's 85%+, burns $1 billion per month, generated only $120M revenue in first 9 months of 2025, and has lost 6 of its original founders. Musk himself tweeted xAI 'was not built right' and is being rebuilt from foundations. Boyle argues the $250B merger price tag is a bailout of underwater Twitter investors.