Crypto tokens associated with Artificial Intelligence (AI) witnessed a notable surge of over 3% on Wednesday following the announcement of Tesla and SpaceX CEO Elon Musk’s new AI venture, xAI. The tokens, including SingularityNET (AGIX) and Fetch.ai (FET), experienced significant price increases of 6% and 3% respectively, as Musk unveiled his plans for an alternative to the popular chatbot ChatGPT.
xAI, with a mission to “understand the true nature of the universe,” will be led by Musk himself and features a team comprising members who have previously worked at prominent organizations such as DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto, as stated on the company’s website.
Although xAI will function as a separate entity from Musk’s X Corp, the new AI company has expressed its intention to work closely with his other ventures. As part of its initial engagement, xAI has announced a Twitter Spaces chat scheduled for Friday, July 14th.
In a previous interview with Fox News, Musk revealed his plans to create TruthGPT as an alternative to ChatGPT, describing it as a “maximum truth-seeking AI” designed to comprehend the nature of the universe. This announcement has further sparked interest and enthusiasm in AI-related crypto tokens.
The surge in AI-related crypto tokens earlier this year can be attributed to the increasing mainstream appeal of AI technology and the optimistic outlook presented by chipmaker Nvidia (NVDA) regarding AI sales.
While the announcement of xAI has generated excitement and resulted in short-term gains for the associated crypto tokens, it remains to be seen how this new venture will unfold and impact the broader AI and cryptocurrency landscape. The intersection of AI and blockchain technology continues to be an area of interest and innovation, with numerous projects and initiatives exploring the potential synergies between the two fields.
Investors and enthusiasts will be closely following the developments of xAI and the progress it makes in achieving its ambitious goals in understanding the true nature of the universe.
