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Elon Musk, the richest man on the earth, has launched a brand new synthetic intelligence firm.
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Nvidia has invested $50 million in a biotechnology firm utilizing AI.
SingularityNET’s worth jumped sharply on Thursday as traders reacted to the most recent investments in synthetic intelligence (AI). AGIX, the community token, hit a excessive of $0.2640, the best stage since July 3.
Investments in AI are rising
Synthetic intelligence has been a serious theme this yr as traders applaud the launch of key tasks like OpenAI’s ChatGPT and Google’s Bard. Consequently, most AI-exposed corporations like Nvidia and C3.ai have achieved properly this yr.
There are two principal the explanation why AGIX and different AI cryptocurrencies are rising. First, Elon Musk, the richest man on the earth, introduced that he had began a brand new AI firm generally known as X.ai.
Particulars on what the corporate will do and the way it will work are nonetheless slim. Nonetheless, analysts imagine the corporate will search to construct a greater AI mannequin than ChatGPT and Bard.
Elon Musk has an extended historical past with AI. For one factor, he was an early backer of OpenAI. Additionally, an organization like Tesla is already utilizing some AI options. Therefore, traders imagine that his involvement will result in extra development within the trade.
Second, AI cash and shares surged after Nvidia introduced a $50 million funding in Recursion, a biotech firm. Recursion will use Nvidia’s cloud platform to handle over 23 petabytes of organic knowledge. It is a signal that there’s much more demand for AI monetary belongings.
SingularityNET Value Prediction
The 4H chart exhibits that the value of the AGIX crypto has made a robust uptrend over the previous few days. It has moved above the essential assist stage since June 20. The coin broke above the 25 and 50 interval transferring averages. It is usually approaching the essential resistance stage at $0.2693, the July 3 excessive.
In the meantime, the token seems to have shaped a head and shoulders indicator because the Relative Energy Index (RSI) broke above the overbought stage. Due to this fact, a transfer above the $0.26 proper shoulder stage will invalidate the bearish view. A transfer above the resistance at $0.2693 will result in extra upside with the goal at $0.30.
