AI tokens bounced slightly after Elon Musk unveiled a new AI company called xAI. Specifically, FET (Fetch.ai) has increased by nearly 2% to $0.216; meanwhile, SingularityNET (AGIX) up 5% and Cortex (CTXC)up 6%.
In a Twitter post on July 12, Musk unveiled xAI, an artificial intelligence company that aims to understand the true nature of the universe. According to CNBC, xAI has a leadership team made up of executives with years of experience working at leading AI companies such as OpenAI, Google Research, Microsoft Research, Twitter, and Tesla. Some experts have even participated in the development of DeepMind’s AlphaCode and OpenAI’s GPT-3.5 and GPT-4 chatbots.
Rumors about Elon Musk’s dip into the AI sector have been around since earlier this year. Musk reportedly purchased thousands of GPUs to further his AI projects at Twitter. Founded in March, xAI had Musk listed as director and Jared Birchall – Musk’s family office director – as secretary.
In an interview with Fox News in April, Musk expressed an interest in AI and chatbots like ChatGPT. He said he wanted to create TruthGPT, an alternative to ChatGPT and will be “maximum truth-seeking AI that tries to understand the nature of the universe”.
Prior to xAI, Musk has been a part of a major AI company before, OpenAI. However, in 2018, he walked away from it due to a conflict of interest with Tesla. Musk’s departure from OpenAI has been controversial. He has openly criticized OpenAI for using Twitter data to train their GPT-3 without proper permission.
While xAI’s goals and products are yet to be revealed, the official website says the company aims to make its services available to everyone in the near future.