xAI Won’t Seek Local, State Tax Incentives For Memphis Supercomputer

Image Credit: @xai/X, @elonmusk/X & canva

The Center Square [By Jon Styf] –

When Elon Musk’s xAI supercomputer plan was announced in Memphis, there was not a press release from Tennessee’s Department of Economic and Community Development, meaning there is not a state FastTrack grant associated with the project.

No such incentive has been listed on the TNECD database and it isn’t on the agenda for Monday’s State Funding Board meeting. No number has been placed on how much xAI will spend on the project either.

Instead, the supercomputer announcement came from the Memphis Chamber, which said that Chief Economic Development Officer Gwyn Fisher and Vice President of Global Business Development Troy Parkes worked with xAI on bringing the project to Memphis.

The announcement said the Memphis Shelby County Economic Development Growth Engine, Tennessee Valley Authority and other governing authorities must still approve the project.

But xAI reportedly has not and will not apply for tax incentives or a payment in lieu of taxes incentive that was offered to the company, according to the Daily Memphian.

The site of the project is expected to be 3231 Paul R. Lowry Road at the former Electrolux facility.

About the Author: Jon Styf, The Center Square Staff Reporter – Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies. Follow Jon on Twitter @JonStyf.

2 thoughts on “xAI Won’t Seek Local, State Tax Incentives For Memphis Supercomputer

  • June 25, 2024 at 7:42 pm
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    Elon is a notch or three above the norm. Man made a fortune selling WAAAY over rated status symbols to stupid wokesters. Given the labor quality in lucifer’s Memphis and cooling that operation, it’s gonna be interesting.

    Reply
  • June 27, 2024 at 2:03 pm
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    EM has not accomplished one thing without public funds.
    We can bet the company is getting fed $$$s.
    Proving once again corporate cronyism is alive and well.
    Yes he’ll hv to bring in most qualified staff frm national and international talent, coming from federal and state funded universities
    Thereby increasing home sale prices, retail sales tax and property taxes.
    I’m sure W.Memphis, AR will benefit greatly

    Reply

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