- Former OpenAI co-founder Ilya Sutskever has announced the launch of a new AI research lab in the US on Wednesday.
- The launch of Safe Superintelligence Inc. has spurred gains in AI-related crypto tokens.
- The market capitalization of the AI category has increased by 12% in the past 24 hours.
Prices of Artificial Intelligence (AI) crypto tokens surged on Thursday following the news of OpenAI’s former co-founder starting his own firm. Ilya Sutskever, the former chief scientist of OpenAI, revealed the establishment of a safety-focused AI research lab in Palo Alto and Tel Aviv in the US.
This announcement comes at a time of concerns regarding the safety of Artificial General Intelligence (AGI) being developed at OpenAI.
According to CoinGecko data, the market capitalization of AI tokens has risen by 12% in the past 24 hours.
Artificial Intelligence tokens experience significant price gains
AI tokens such as Near Protocol (NEAR), Fetch.ai (FET), Internet Computer (ICP), Render (RNDR), Bittensor (TAO), The Graph (GRT), SingularityNET (AGIX), and Akash Network (AKT) have seen an extension in gains over the past 24 hours, as per CoinGecko data.
AI tokens
The surge in prices can be largely attributed to the announcement of the new firm, Safe Superintelligence Inc. The team includes former co-founder Ilya Sutskever, American entrepreneur Daniel Gross, and Daniel Levy, a research assistant at computer scientist Stephano Ermon’s lab. Sutskever, who was the Chief AI scientist at OpenAI, focused on the “safety” aspect while developing AGI.
Superintelligence is within reach.
Building safe superintelligence (SSI) is the most important technical problem of our time.
We’ve started the world’s first straight-shot SSI lab, with one goal and one product: a safe superintelligence.
It’s called Safe Superintelligence…
— SSI Inc. (@ssi) June 19, 2024
Another catalyst fueling the gains in this token category is the announcement of fundraising for AI projects by hedge funds and Venture Capital. According to a DLNews report, Pantera Capital revealed on June 19th its decision to invest $200 million into AI ventures.
Leading crypto funds are raising $1 billion, with AI expected to receive a 15-20% investment. This development is likely to impact investors’ sentiment towards AI tokens.
