Artificial intelligence (AI) focused cryptocurrency tokens, including SingularityNET (AGIX) and Fetch.ai (FET), witnessed a notable surge on Wednesday following the announcement of xAI, a new AI company established by Tesla and SpaceX CEO Elon Musk. AGIX observed an impressive rise of over 6%, while FET experienced a climb of approximately 3%. The emergence of xAI aims to challenge the dominance of the popular chatbot ChatGPT.
Emphasizing a goal to comprehend the true essence of the universe, xAI is poised to make its mark in the AI sector. Led by Elon Musk himself, the company boasts a team of seasoned professionals who have previously worked at prestigious institutions and corporations, including DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto. These accomplished individuals bring a wealth of expertise to the table, as mentioned on xAI’s official website.
While xAI is an independent entity separate from Musk’s X Corp, the newly established company will maintain close ties and collaborate extensively with his other ventures. In an effort to foster engagement and dialogue, xAI has announced that it will host a Twitter Spaces chat on Friday, July 14th, offering enthusiasts an opportunity to delve deeper into the company’s vision and objectives.
Elon Musk has previously expressed his intent to develop TruthGPT as an alternative to ChatGPT. In an interview with Fox News, Musk described TruthGPT as a “maximum truth-seeking AI that endeavors to comprehend the nature of the universe.” With the introduction of xAI, it becomes increasingly evident that Musk’s pursuit of advancing AI technology remains a key focus in his endeavors.
The surge in AI-related cryptocurrency tokens earlier this year reflects the growing mainstream appeal of the technology. Moreover, chipmaker Nvidia (NVDA) has played a role in bolstering investor confidence by revealing a bullish outlook for AI sales.
As the AI landscape continues to evolve and new players emerge, industry enthusiasts and investors eagerly anticipate the impact and innovation that xAI will bring to the field. The race to develop advanced AI systems is heating up, with Musk’s xAI now positioned as a formidable contender to disrupt the dominance of existing solutions like ChatGPT.