Artificial intelligence (AI) related crypto tokens posted gains after Tesla and SpaceX CEO Elon Musk on Wednesday unveiled a new AI company called xAI as an alternative to popular chatbot ChatGPT. SingularityNET (AGIX) rose 11% over the past 24-hours, while Fetch.ai (FET) climbed about 7% over the same time period. The team will be led by Musk and includes members that have previously worked at DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto, according to the company website. The newly formed company will be a separate entity from Musk’s X Corp., but xAI said it will work closely with his other companies. xAI will host Twitter Spaces chat on Friday, July 14th.