The Week’s No. 1 Question, Answered
Alex Moschina|May 15, 2024
We’ve got an early bid for “essay of the week.”
If we’re judging by reader response, anyway.
Everyone wants to know more about the Artificial Superintelligence (ASI) token Robert wrote about yesterday.
We’re not surprised.
After all, the ASI token combines two of the year’s hottest trends – AI and crypto – into one $7.5 billion package.
“The goal is to create an AI ecosystem that is powered by the ASI token… and speed up the development of ethical, transparent AI solutions,” Robert wrote. “It’s a big step for the industry.”
And it’s a much needed step, too, as anyone currently working with AI will tell you.
I was just speaking to a tech-savvy colleague on Monday about some open source AI projects they’ve been developing. Bots and web applications that will allow their team to do more, faster.
Right now, those projects are being built from a hodgepodge of stackable sources. Each needs to be connected – and, in many cases, adapted – in order to work together.
A single ecosystem like the one offered by ASI could streamline everything.
So you can see why the token has managed to accrue a multibillion-dollar valuation in such a short time. (Weren’t we just talking about the power of narrative?)
Of course, the No. 1 question asked by readers has been…
How do you purchase the ASI token?
For now, the answer is simple. You can’t.
But it won’t stay that way for long.
According to the Artificial Superintelligence Alliance – the group behind ASI – the token is set to trade in the “coming weeks.”
The official vote to merge Fetch.ai (FET), SingularityNET (AGIX) and Ocean Protocol (OCEAN) into one unified token – ASI – was completed less than a month ago. Now begins the hard technical work to actually bring this project to life.
(Note: If you presently hold any of these tokens, you can get answers about what to expect from the merge here.)
Given the scope of ASI and what it’s seeking to do, I have no doubt Robert will be following up with more soon.
Swinging over to stocks…
Market Movers
As Shah noted in his Monday Takeaways, this week we’ve got a host of market-moving indicators to watch out for.
Yesterday saw the release of PPI – that’s Producer Price Index – numbers for April.
Prices rose 0.5% for wholesalers last month, which is more than analysts were expecting. Yet another sign that inflation isn’t waning.
Wall Street, as you know if you’ve been following along, is hungry for any sign that the Fed may pull down rates.
Fortunately, PPI is just one metric Mr. Powell and his compatriots look at each month. And just this morning we were treated to an April CPI – that’s Consumer Price Index – report that showed inflation may actually be easing.
In sum: The cost to manufacture and sell goods went up slightly more than expected last month… while the prices consumers pay went up slightly less than expected.
In the wake of the latter news, stocks popped across the board.
The S&P and Nasdaq are now up around 5% for the month.
Will the good times last? As always, we will have to just wait and see what the rest of the week brings.
In the meantime, you can catch up on all our latest thoughts and prognostications below.
Alex Moschina
Alex Moschina is the associate publisher of Manward Press. A gifted writer, editor and financial researcher, Alex’s career in publishing began more than a decade ago when he worked at one of the world’s leading providers of academic research and reference materials. Alex first cut his teeth in the realm of investing when he joined the team at White Cap Research in 2010. There he was charged with covering emerging market trends and investment opportunities. A stint as senior managing editor and editorial director at the prestigious Oxford Club followed. A frequent speaker at conferences and events, Alex has led educational workshops across the U.S. and Canada.
