OpenAI, the creator of ChatGPT, announced on Thursday the introduction of GPT-4o mini, a budget-friendly and compact AI model. This new model is designed to make their technology more cost-effective and energy-efficient, enabling the startup to reach a wider range of customers.
Supported by Microsoft, OpenAI—the frontrunner in AI software—has been striving to reduce costs and speed up the process for developers creating applications based on its model. This effort comes as financially strong competitors like Meta and Google race to capture a larger portion of the market.
OpenAI stated that the cost of GPT-4o mini is significantly lower than that of GPT-3.5 Turbo, with prices set at 15 cents per million input tokens and 60 cents per million output tokens, making it over 60% cheaper.
According to OpenAI, it now exceeds the GPT-4 model in chat preferences and achieved a score of 82% on the Massive Multitask Language Understanding (MMLU) benchmark.
MMLU serves as a benchmark for assessing the textual intelligence and reasoning abilities of language models.
A higher MMLU score indicates improved language comprehension and usage across different fields, thus boosting practical applications.
According to OpenAI, the GPT-4o mini model achieved a score that outperformed both Google’s Gemini Flash, which scored 77.9%, and Anthropic’s Claude Haiku, which scored 73.8%.
Smaller language models demand less computing power to function, providing a more cost-effective solution for companies with limited resources that aim to implement generative AI in their processes.
In their announcement, OpenAI mentioned that while the mini model presently supports both text and vision within the application programming interface, future updates will extend support to include text, image, video, and audio inputs and outputs.
OpenAI has announced that beginning Thursday, users of ChatGPT’s Free, Plus, and Team plans will be able to use GPT-4-turbo, which has information up to October 2023, instead of GPT-3.5 Turbo. Enterprise users will get access to this new model starting next week.
