Elon Musk’s New ChatGPT Competitor Boosts AI-Related Crypto Tokens

July 17, 2023

By Anjali Kochhar

In a surprising move, renowned entrepreneur and CEO of Tesla and SpaceX, Elon Musk, has unveiled a new AI company called xAI, sparking a surge in AI-related crypto tokens. Tokens such as SingularityNET (AGIX) and Fetch.ai (FET) experienced notable gains following the announcement, with AGIX rising over 6% and FET climbing about 3%.

xAI aims to provide an alternative to the widely popular chatbot ChatGPT and is poised to make waves in the AI industry. The company’s primary objective is to delve into the true nature of the universe, according to its website. Led by Elon Musk, the team comprises talented individuals who have previously worked at prestigious institutions and organisations such as DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto.

While xAI is an independent entity from Musk’s X Corp., the new company is expected to collaborate closely with his existing ventures. To engage with the public and showcase the capabilities of their technology, xAI has announced a Twitter Spaces chat scheduled for Friday, July 14th.

Elon Musk has been vocal about his plans to create TruthGPT as an alternative to ChatGPT, which aims to be a “maximum truth-seeking AI” that comprehends the fundamental nature of the universe, as highlighted in an interview with Fox News.

The surge in AI-related crypto tokens is not entirely unprecedented. Earlier this year, these tokens experienced a temporary boost in value following increasing mainstream interest in AI technology. Furthermore, chipmaker Nvidia’s bullish outlook for AI sales further bolstered the market sentiment.

As the AI industry continues to evolve and capture the imagination of investors and tech enthusiasts alike, the launch of xAI led by Elon Musk is expected to fuel further growth and exploration in the AI and crypto sectors. The collaboration of experienced professionals from various backgrounds underscores the ambition and potential of xAI to make significant contributions to the field of artificial intelligence.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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