Billionaire Elon Musk recently revealed his plans of establishing a new artificial intelligence (AI) firm with the aim of challenging Microsoft-backed OpenAI. While OpenAI has been making waves in the fast-evolving AI domain with the impressive ChatGPT, tech giant Google has also been trying to catch up with Microsoft’s AI dominance by coming up with its own generative AI chatbot. While admitting that he’s late to the race, Musk said he wants to create a ‘third option’ that can take on ChatGPT and Google’s Bard.