Elon Musk-founded xAI announced plans to build the “world’s largest supercomputer” in Memphis, marking the largest investment by a new company in the city’s history. The project, named “xAI’s Gigafactory of Compute,” is expected to open this year, but the location remains undisclosed due to security concerns. Leaders in Shelby County expressed excitement over this major tech development.
Meanwhile, the Shelby County and city of Memphis governments are delaying budget approvals for fiscal year 2025 until the end of the month. County commissioners and city council members discussed various budget items, including the fund balance, which currently falls below the required percentage. Proposed budget amendments could further deplete the fund balance, impacting bond ratings essential for capital projects.
No resolutions were passed during the recent meeting, and discussions about a potential property tax increase and budget resolutions are ongoing. Commissioner Erika Sugarmon is considering a 30-cent tax increase for fiscal year 2025. Additionally, a resolution requesting mediation between Juvenile Court and the Sheriff’s Office was not approved.
Looking ahead, the Shelby County Board of Commissioners will meet on Monday, June 3 to continue budget discussions. Citizens can watch the livestream or attend the meeting in person. For more information or questions, contact the metro reporting team at metro@commercialappeal.com. This week’s announcement of the xAI supercomputer and ongoing budget deliberations highlight the city’s growth and financial considerations.
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