Artificial intelligence (AI)-focused tokens rose over the weekend as developments at major AI companies sparked enthusiasm about the tech sector's long-term growth.
AI Tokens Soar as Musk Announces X Corp xAI Stake
Elon Musk's announcement that shareholders of X Corp, which includes a group of companies, will have a 25% stake in the new artificial intelligence initiative xAI, was effective in this rise.
xAI recently started testing the Grok chatbot, which has already spurred hundreds of duplicate tokens.
Additionally, news that Sam Altman, founder of ChatGPT developer OpenAI, may return to the board following his surprise ouster last week, bolstered bullish sentiment for the AI token sector.
Despite the ongoing corporate crisis, it's unclear whether Altman will return, as Bloomberg reported that former Twitch CEO Emmett Shear has been appointed to the company's top job.
The AI token industry has made significant gains, with Bittensor's TAO surging 4.2%, reaching a 77% rise last week.
Ocean Protocol's OCEAN, Fetch AI's FET, and SingularityNet's AGIX have outperformed Bitcoin and other major coins, posting gains of up to 16% in the last 24 hours.
The sector jumped nearly 8%, providing significant gains for crypto investors.
*This is not investment advice.