Crypto tokens related to Artificial Intelligence (AI) saw a surge of more than 3% on Wednesday, following the announcement of Tesla and SpaceX CEO Elon Musk’s new AI company, xAI. The company, which has a goal to understand the true nature of the universe, is an alternative to popular chatbot ChatGPT. Tokens such as SingularityNET (AGIX) rose more than 6%, while Fetch.ai (FET) climbed about 3%.
The team behind xAI is led by Musk and includes members that have previously worked at DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto. xAI will be a separate entity from Musk’s X Corp., but the company said it will work closely with his other companies. xAI will host a Twitter Spaces chat on Friday, July 14th.
Elon Musk previously expressed his intention to create TruthGPT as an alternative to ChatGPT, saying it will be maximum truth-seeking AI that tries to understand the nature of the universe, according to an interview with Fox News. AI-related crypto tokens have seen a short-lived boost earlier this year due to the technology’s increasingly mainstream appeal and after chipmaker Nvidia (NVDA) revealed its bullish outlook for AI sales.