Tokens such as AGIX and FET see modest bump after Musk announces new AI company “xAI” to take on ChatGPT
Tokens related to Artificial Intelligence (AI) experienced a surge of over 3% following the announcement of Elon Musk’s new AI company, xAI. This new venture is positioned as an alternative to the popular chatbot, ChatGPT. Notable tokens like SingularityNET (AGIX) witnessed a rise of over 6%, while Fetch.ai (FET) climbed about 3%.
Main Breakdowns:
- Tokens related to AI rise by over 3% after Musk unveils xAI as an alternative to ChatGPT
- SingularityNET (AGIX) sees a 6% increase, Fetch.ai (FET) rises by 3%
- xAI aims to “understand the true nature of the universe” and will be led by Musk
- The team consists of individuals with experience from DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto
- xAI will work closely with Musk’s other companies, although it will be a separate entity from X Corp
The newly formed xAI plans to host a Twitter Spaces chat on Friday, July 14th. Elon Musk has previously expressed his intention to create TruthGPT, an AI that seeks maximum truth and aims to understand the nature of the universe. This announcement comes at a time when AI-related crypto tokens have already experienced a boost in interest due to their growing mainstream appeal and positive outlook for AI sales from companies like Nvidia.
Hot Take:
The rise in AI-related tokens following Elon Musk’s announcement of xAI as an alternative to ChatGPT demonstrates the market’s excitement and support for advancements in AI technology. With the involvement of experienced individuals from reputable institutions and Musk’s own leadership, xAI holds the potential to make significant contributions to the field of AI. However, it remains to be seen how xAI will differentiate itself from existing solutions and fulfill its ambitious goal of understanding the true nature of the universe.
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