OpenAI unveiled its latest and more powerful AI model, GPT-4 Turbo, during its inaugural in-person event on November 6, 2023. They also introduced a feature allowing users to create custom versions of the ChatGPT chatbot. Additionally, OpenAI announced a reduction in the fees that companies and developers pay to use its software.
These developments demonstrate OpenAI’s rapid evolution in order to maintain a competitive edge against rivals like Anthropic, Google, and Meta in the AI industry. ChatGPT, which became the fastest-growing consumer app in history shortly after its launch, now boasts approximately 100 million weekly active users. OpenAI revealed that over 92 per cent of Fortune 500 companies now utilise the platform, up from 80 per cent in August. These companies span various industries, including financial services, legal applications, and education, according to OpenAI CTO, Mira Murati.
The event featured a surprise appearance by Microsoft CEO Satya Nadella, emphasising the importance of cutting-edge systems and computing power in OpenAI’s ambitious roadmap.
Earlier this year, Microsoft made a significant additional investment of $10 billion in OpenAI, marking it as the largest AI investment of the year, as reported by PitchBook. In April, OpenAI reportedly concluded a share sale valued between $27 billion and $29 billion, with investments from prominent firms like Sequoia Capital and Andreessen Horowitz. Just last month, OpenAI was said to be in discussions for a deal that could potentially value the company at $80 billion.
During his speech, OpenAI CEO, Sam Altman, noted that the day’s announcements were a result of extensive conversations with developers about their requirements over the past year. Regarding GPT-5, Altman informed that they have the intention, but no specific timeline yet for its development.
