OpenAI announced on Thursday it was launching GPT-4o mini, a new, smaller cost-efficient AI model, to its catalogue as the AI giant looks to make its technology more accessible for a wider array of start-ups.
The ChatGPT-maker will price its new model at $0.15 per million input tokens and $0.60 per million output tokens, making the GPT-4o mini 60% cheaper than the GPT-3.5 Turbo, according to OpenAI.
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The launch comes as companies continue to spend millions on gaining as much share of the AI market as possible.
The new model currently outperforms its GPT-4 model on chat preferences, OpenAI said.
GPT-4o mini will also excel in mathematical reasoning and coding tasks, according to the company, outperforming previous small models on the market.
OpenAI is developing a new reasoning technology under the code name ‘Strawberry’, reports Reuters.
This project represents a key step in the company’s efforts to improve the advanced reasoning capabilities of its AI models.
According to a recent internal document, Strawberry is designed to enable OpenAI’s AI to perform deep research by autonomously navigating the internet.
GlobalData forecasts that the overall AI market will be worth $909bn by 2030, registering a compound annual growth rate (CAGR) of 35% between 2022 and 2030.
In the GenAI space, revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027 at a CAGR of 80%.
