Elon Musk's new ChatGPT rival promotes AI-related crypto tokens, valuation surges after launch of ‘xAI’

On Wednesday, 12 July 2023, AI-related crypto tokens experienced a surge of over 3 percent following the unveiling of Elon Musk's new AI company named ‘xAI.’ This announcement presented ‘xAI’ as an alternative to the widely popular chatbot ChatGPT.

Notably, SingularityNET (AGIX) witnessed a significant increase of more than 5 percent , while Fetch.ai (FET) also climbed approximately 4 percent in response to the news. The market's positive response indicates the high level of interest and excitement surrounding Elon Musk's venture into the AI industry.

Introduction of xAI

Elon Musk, who has expressed his desire to create an alternative to the popular ChatGPT AI chatbot, recently announced the establishment of a new company called ‘xAI.’ The company's primary objective is to gain a deep understanding of the fundamental nature of the universe.

The team at xAI, as stated on their website, will be headed by Elon Musk and consists of a group of executives who bring a wide range of backgrounds and experiences from different companies.

According to the xAI website, "it is a separate company from X Corp," the parent company into which Musk merged Twitter earlier this year, but it will work closely with X (Twitter), Tesla, and other companies."

Musk shakes hands with renowned organisations

xAI, which is led by Musk, comprises a team of experts from renowned organisations such as DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto. While xAI operates independently from Musk's X Corp., it plans to maintain close collaboration with his other ventures. As part of its communication strategy, xAI will be hosting a Twitter Spaces chat on Friday, 14 July 2023.

In a recent interview with Fox News, Elon Musk expressed his intention to develop ‘TruthGPT’ as a substitute for ChatGPT, aiming to create an AI system focused on seeking maximum truth and comprehending the fundamental aspects of the universe. This statement sparked interest in AI-related crypto tokens, which experienced a temporary surge earlier this year.

The emergence of Elon Musk in the AI industry has undeniably attracted the interest of established companies, and it remains to be seen what further contributions his AI company will make in the future.