OpenAI introduces cheaper GPT4o Mini, driving competition and potential cost savings for LLMs.

From The Economic Times: 2024-07-22 20:30:00

OpenAI’s new GPT4o Mini pricing is significantly cheaper than competitors, sparking competition among Indian makers of LLMs. Startups see potential for cost savings in simple use-cases like multilingual chatbots. OpenAI also allows calling multiple APIs for complex queries, offering more options for users in leveraging advanced LLM technology.

Experts highlight the wide range of applications for lower-priced advanced LLMs, including legal document summaries, pharmacovigilance compliance, multilingual translation, and consumer insights analysis. These models can benefit industries like education, book publishing, and machine learning by generating synthetic data and analyzing large volumes of unstructured data like social media conversations.



Read more at The Economic Times: OpenAI: OpenAI’s cheaper mini brings a mega issue for LLMs