Elon Musk’s AI company, xAI, has raised $10 billion from investors that puts the company’s post-money valuation at $200 billion, sources told CNBC’s David Faber.

The valuation for Musk’s AI company is the latest example of skyrocketing valuations for companies that develop foundational AI models. Earlier this month, Anthropic raised $13 billion at a $183 billion valuation. OpenAI, the largest company in the industry, held a secondary share sale that valued it at $500 billion.

The fundraising comes weeks after Musk raised $10 billion in debt and equity at what was believed to be a roughly $150 billion valuation, according to Faber. Last December, xAI raised $6 billion to fund its artificial intelligence development.

However, xAI’s Grok service is widely believed to lag behind Anthropic’s Claude and OpenAI’s GPT models in terms of capabilities and number of users.

Musk said in May that he wants to buy a million AI chips, Faber said. Much of the proceeds of this round of funding could go to building data centers filled with Nvidia and AMD AI chips called GPUs that are needed to develop next-generation AI, as well as to hire expensive talent. The company is currently building a large cluster of AI computers in Memphis, Tennessee.

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Apple CEO Tim Cook said price hikes on the newest iPhone models aren’t tied to President Donald Trump’s sweeping tariff plans.

“There’s no increase for tariffs in the prices to be totally clear,” Cook told CNBC’s Jim Cramer from Apple’s Fifth Avenue store location in New York City, as the latest iPhone model launched in stores worldwide.

It is one of the first instances in which Cook has decisively addressed tariffs in relation to iPhone prices.

Earlier this month, Apple increased the price of its iPhone 17 Pro model by $100, while maintaining the prices of its entry-level phones. It also introduced an Air model that replaced the Plus at steeper price point.

Many analysts had widely anticipated price hikes despite Cook’s attempts to dodge tariffs.

To circumvent the levies, Apple has pivoted its supply chain to import iPhones to the U.S. from lower tariff countries, such as India and Vietnam. Apple has historically produced a majority of its products in China.

Cook has also made public appearances with Trump as the company commits at least $600 billion toward bolstering U.S. manufacturing and supporting suppliers.

During the June quarter, Cook revealed that the company took an $800-million hit from costs tied to tariffs.

At the same time, Apple faces questions about its slow AI rollout, as well as rising competition in international markets such as China.

“We have AI everywhere in the phone,” Cook told CNBC on Friday. “We just don’t call it” that.

The iPhone 17 hit store shelves worldwide on Friday, drawing lines from Beijing to London.

But beyond the launch buzz, Apple is under pressure to prove itself, grappling with questions over its artificial intelligence plans, as well as increasing competition. 

Products on display for the first time include the iPhone 17 Pro, iPhone 17 Pro Max, and iPhone Air, as well as new Apple Watch and AirPods models.

While they were available for preorders in the U.S. from Sept. 12, the global launch holds particular significance as Apple takes on growing competition in overseas markets. 

After years of leadership in the region, the iPhone-maker now only holds 10% of the Chinese smartphone market, trailing local players like Oppo, Huawei, Xiaomi and others, according to data from Omdia.

So far, the signs are positive for the iPhone 17 series in China. Last Friday, JD.com — one of China’s largest ecommerce platforms — saw the first minute of iPhone 17 series preorders surpass the first-day preorder volume of last year’s iPhone 16 series, the company reported. 

At 10 a.m. local time on Friday, JD.com said that iPhone 7 trade-in sales were four times higher than the same period last year.

In London, lines were notably longer than they were at last year’s launch of the iPhone 16, and customers appeared more interested in the premium offerings — the Pro and Pro Max models — this time around.

“For the last five years, I’ve been in a pattern of constantly upgrading my phone, because every year Apple is bringing something new to the table,” one customer, Jasmine, said. “I just love having that experience of Apple every year.”

Meanwhile, Michael, who described himself as a content creator, said he was drawn by the battery and camera.

“I thought about going for the [iPhone] Air, but I just don’t know whether or not the battery is going to be able to hold up. And that single camera? I don’t know, it’s just a little bit off-putting on the back,” he said of Apple’s thin iPhone 17 offering.

A successful iPhone 17 launch could help reassure Apple investors after a somewhat underwhelming rollout of its artificial intelligence features, which began late last year.

Speaking to CNBC’s “Squawk Box Europe” last week, Ben Wood, chief analyst at CCS Insight, lauded Apple’s latest product launches but said the company now needed to deliver on artificial intelligence. 

“There is no question that Apple needs to deliver on AI,” he said, noting that the company had “dropped the ball” last year by making big promises that failed to materialize.

“Apple has to catch up [in AI], but right now, I think they’ve got enough runway to be able to cope in the intervening period.”

– CNBC’s Eunice Yoon contributed to this report