Elon Musk’s recent announcement regarding his AI venture has unintentionally given a rocket boost to XAI Corp’s token prices. However, the tech mogul has firmly stated that none of his ventures, including the newly mentioned xAI, will ever create cryptocurrency tokens.
On November 3, Musk took to the microblogging platform to mark the entry of his AI startup xAI, which is set to premiere its AI technology to an exclusive batch of X Premium+ subscribers. This development, mistakenly linked to XAI Corp’s cryptocurrency token, led to a sensational 175% surge in the token’s value.
Crypto enthusiasts and investors, in a frenzy to capitalize on what appeared to be Musk’s foray into crypto, pushed the XAI token to new highs. At the height of the confusion, the token’s trading volume ballooned by over 13000%, a clear sign of the market’s hair-trigger responsiveness to tech celebrity news.
Industry Insiders Wave Red Flags
Prominent figures within the crypto space, such as DogeDesigner, warned investors and the public alike about the misleading association between Musk’s xAI and the XAI cryptocurrency token. DogeDesigner’s tweet urging caution was reinforced by Musk’s clarifying statement, underlining the lack of connection between his companies and cryptocurrency tokens.
Elon Musk’s aim with xAI extends beyond disentangling from the crypto rumor mill. His company’s lofty objectives include unlocking “the fundamental truths of the universe,” positioning it as a formidable contender against AI giants like OpenAI and Google.
Musk has been vocal about his discontent with the current state of AI, pushing for a breakthrough with his concept of “TruthGPT.” He has expressed the need for systems that eschew “political correctness” in favor of raw, unbiased computing power.
A Strategic Acquisition Fuels AI Firepower
xAI’s strategic moves, including acquiring an array of Nvidia’s high-performance GPUs, suggest serious hardware backing for Musk’s AI dreams. These GPUs are the lifeblood of the complex language models that drive today’s leading AI conversational agents.
The lesson from the recent market spectacle is twofold: First, the influence of tech luminaries like Musk on the crypto market is undeniable and potent. Second, the need for diligent research by investors into the actual ties between technology ventures and digital assets is critical.
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