This past weekend was momentous for the artificial intelligence (AI) industry, and over the past few days, many assets associated with the technology were seeing price pops. Among these was cryptocurrency token Chainlink (CRYPTO: LINK), which rose by over 7% this weekend from its level at midafternoon Friday.
Chainlink has positioned itself as a crypto play on the expansion of AI. It’s effectively an oracle token that allows users to pull off-chain data they need for smart contracts to work. That’s a good niche, as evidenced by the nearly 2,000 projects that use Chainlink for this purpose.
Hunting for and identifying necessary data seems like it would be a good task for AI. This past May, Chainlink’s developers published an extensive study demonstrating that their platform could be enhanced greatly with the use of the technology. This effectively positioned Chainlink as something of an “AI token.”
That was a key reason for its Monday price surge. AI was very much in the news following the departure of OpenAI CEO Sam Altman from his position at that company on Friday. Ever-opportunistic Microsoft (NASDAQ: MSFT) quickly hired Altman to head a dedicated AI unit at the tech powerhouse.
With Altman on its employee rolls, it’s easy to imagine Microsoft soon becoming a mighty presence in AI and a very active developer of the technology (not to mention a consumer of products and services that enhance its AI offerings). That, in turn, is sure to have positive knock-on effects for AI-enhanced solutions like those offered by Chainlink.
10 stocks we like better than Chainlink
When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
They just revealed what they believe are the ten best stocks for investors to buy right now… and Chainlink wasn’t one of them! That’s right — they think these 10 stocks are even better buys.
*Stock Advisor returns as of November 20, 2023
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]