The unveiling of Elon Musk’s new AI business, xAI, resulted in huge increases in crypto tokens related to artificial intelligence (AI), which is an exciting development for the cryptocurrency and AI communities. The value of the tokens, which included SingularityNET (AGIX) and Fetch.ai (FET), increased by over 6% and over 3%, respectively.
Elon Musk, well known for his management at Tesla and SpaceX, unveiled xAI as a rival to ChatGPT, a popular chatbot. The newly established business, separate from Elon Musk’s X Corp., aims to understand the true nature of the world. It is driven by a quest for knowledge and exploration. Led by Musk, the xAI team comprises professionals from renowned institutions including DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto. Their diverse expertise enhances the company’s capabilities and knowledge base.
Despite having tight ties to Musk’s other businesses, xAI will operate independently. It has scheduled a Twitter Spaces talk for July 14th as part of its outreach initiatives. Musk shared his ambition in a Fox News interview to develop TruthGPT, an AI dedicated to uncovering fundamental truths. The goal is to deepen our understanding of the world’s underlying principles. The goal is to deepen our understanding of underlying principles.
The current increase in crypto tokens with AI-related themes is indicative of how popular AI technology is becoming. The industry’s valuation increased earlier this year after chipmaker Nvidia (NVDA) declared a positive view for AI sales. As Musk’s xAI enters the arena, the excitement surrounding the intersection of AI and cryptocurrencies captivates investors and technology enthusiasts. The enthusiasm for this convergence shows no signs of waning.