OpenAI lowers the price of the GPT3.5 Turbo model: Everything in detail

OpenAI lowers the price of the GPT3.5 Turbo model: Everything in detail

OpenAI is planning to launch a new GPT 3.5 Turbo model, which is the same model that is used to power ChatGPT. Additionally, the company is planning to reduce the price of the product for the third time in the previous year. The company released an update on Thursday in which it announced the developments. The update also included information about an upcoming “new generation” of embedding models as well as fixes to existing models that were designed to address instances of “laziness.” With input and output prices reduced by fifty percent, to $0.0005 per thousand tokens in and twenty-five percent, to $0.0015 per thousand tokens out, respectively. 

Price Reductions and Enhanced Features

The new GPT-3.5 Turbo model will make its debut the following week for the first time. Price reductions are being implemented in order to assist OpenAI customers in “scaling” their operations. These reductions come at a time when ChatGPT is increasingly being utilized to analyze larger amounts of information and writing. Within the past few months, OpenAI has been making efforts to streamline and improve models, particularly in light of the increased competition within the API community. These efforts may also result in lower prices. The newly released GPT-3.5 Turbo model, which will be referred to as 0125 in honor of the date of the announcement, is going to incorporate a number of product enhancements, such as improved accuracy when responding to formats that have been requested and the elimination of bugs.

Subscription Model and ChatGPT Plus Features

OpenAI is also releasing an updated version of the GPT-4 Turbo preview model. This model is more advanced than previous models in terms of completing tasks such as code generation. However, it will fix a bug that was previously present in the GPT-4 Turbo. This bug is intended to reduce instances of “laziness” in which the model was not completing its task. It has been approximately three weeks since OpenAI reopened sign-ups for its subscription model, ChatGPT Plus, which utilizes GPT-4. This announcement falls around that time. A monthly subscription to the service grants access to additional features, such as the capability to engage in “back-and-forth” conversations with the product and to interact with the chatbot through the use of voice commands.

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