- AI-associated crypto tokens, including SingularityNET (AGIX) and Fetch.ai (FET), saw a rise after the announcement of Elon Musk’s latest venture, ‘xAI’.
- Musk’s xAI, envisioned as an alternative to ChatGPT, aims to delve into the profound nature of the universe, triggering a ripple effect in the crypto market.
The Ripple Effect of Musk’s xAI on the Crypto Market
Following the revelation of Elon Musk’s innovative artificial intelligence (AI) venture, ‘xAI’, AI-centric crypto tokens registered a moderate upswing. Musk’s xAI, a bold competitor to the renowned chatbot ChatGPT, served as a catalyst for a more than 3% surge in AI-related crypto tokens on the announcement day.
In particular, SingularityNET (AGIX) and Fetch.ai (FET) experienced a surge of more than 6% and about 3%, respectively. Musk, the entrepreneurial force behind Tesla and SpaceX, has envisioned xAI as a venture designed to
“grasp the true essence of the universe”.
The team at the helm includes seasoned experts from leading tech corporations such as DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto.
Closer Collaboration with Musk’s Entities
xAI, though separate from Musk’s X Corp, plans to closely coordinate with Musk’s other business entities. An interactive Twitter Spaces chat session, scheduled for July 14th, promises to provide more insights into the venture.
Elon Musk has previously expressed interest in creating an AI solution, TruthGPT, which aims to be a
“maximum truth-seeking AI that endeavors to comprehend the universe’s nature”.
Musk’s xAI has injected a fresh dynamism into the crypto market, as evidenced by the uplift in AI-associated crypto tokens. This renewed enthusiasm was mirrored earlier this year when Nvidia, the renowned chipmaker, forecasted a bullish outlook for AI sales.
The Unveiling of xAI and its Market Impact
xAI’s strategic position to challenge industry giants like OpenAI, Google, and Anthropic, the creators of leading chatbots such as ChatGPT, Bard, and Claude, has generated considerable attention. The rise of xAI has stirred up the AI space, while subsequently impacting the AI-related crypto tokens. Its ambition to unlock the “mathematics of deep learning” and build the “theory of everything” for vast neural networks projects a promising trajectory for AI’s advancement, with potential ramifications for the crypto market.