Artificial intelligence (AI) focused tokens have recently witnessed a significant upswing, propelled by notable developments. X Corp, owned by Elon Musk, announced that it would offer its shareholders a 25% stake in its new AI initiative, xAI. Simultaneously, the removal of Sam Altman, the founder of OpenAI, and the subsequent events have further strengthened the ascent of AI tokens.
Elon Musk’s X Corp and the xAI Initiative
On Sunday, Elon Musk’s company, X Corp, revealed its intention to provide a 25% stake to shareholders in its new AI venture, xAI. xAI had previously garnered attention in the market with the commencement of testing for the Grok chatbot. This development has positively influenced AI-focused tokens.
Primary Reasons for Volatility in OpenAI and Artificial Intelligence Tokens
The unexpected removal of Sam Altman from OpenAI last week fueled rumors of his return to the board, resulting in the appreciation of AI tokens. However, subsequent developments revealed that Altman was not officially reinstated as CEO, and Emmett Shear had been appointed in his place. While causing some uncertainty in the market, this situation did not significantly impact the overall performance of AI tokens.
Among artificial intelligence tokens, $TAO, $OCEAN, $FET, and $AGIX demonstrated performance over 10% better than Bitcoin and other major cryptocurrencies in the last 24 hours. Overall, artificial intelligence tokens contributed to an approximately 8% increase in the sector.