• The richest man on the planet, Elon Musk, has launched a new AI company.

  • Nvidia has invested $50 million in biotech companies using AI.

SingularityNET’s price surged Thursday as investors reacted to the latest investment in artificial intelligence (AI). The network’s token, AGIX, rose to $0.2640, its highest since July 3.

Increased investment in AI

artificial intelligence This is a major theme this year as investors welcome the launch of major projects such as OpenAI’s ChatGPT and Google’s Bard. As a result, most companies working on artificial intelligence have done well this year, including Nvidia and his C3.ai.

There are two main reasons why AGIX and other AI cryptocurrencies are rising. First, the world’s richest man, Elon Musk, announced that he has launched a new AI company known as X.ai.

Details about what the company will do and how it will work are not yet clear. Still, analysts believe the company will aim to build better AI models than ChatGPT and Bard.

Elon Musk has a long history with AI. First, he was one of the early funders of his OpenAI. And companies like Tesla are already using some AI capabilities. Investors therefore believe his involvement will lead to further growth in the industry.

Second, AI coins and stocks surged after Nvidia announced a $50 million investment in biotech firm Recursion. Recursion uses Nvidia’s cloud platform to process over 23 petabytes of biological data. This is a sign that there is still demand for AI financial assets.

SingularityNET Price Prediction

The 4H chart shows that the AGIX cryptocurrency price has shown a strong bullish trend over the past few days. It has been above the critical support level since June 20th. The coin is trading above the 25- and 50-period moving averages. It is also approaching important resistance at the July 3rd high of $0.2693.

On the other hand, the token seems to be forming a head and shoulders indicator while the Relative Strength Index (RSI) remains above overbought levels. Therefore, a move above the right shoulder level of $0.26 will invalidate our bearish view. A breakout of resistance at $0.2693 will lead to further upside with a target target of $0.30.

By Jules

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