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OpenAI, the artificial intelligence research lab backed by Microsoft (NASDAQ: ), unveiled a slew of new features and strategic alliances at its first DevDay event in San Francisco. The event was marked by the launch of the latest version of ChatGPT model GPT-4 Turbo. This advanced model utilizes data as of April 2023 and supports imaging via DALL-E 3 while being three times more cost-effective than its predecessor.
OpenAI CEO Sam Altman revealed that the Turbo model is currently being tested by some users and is expected to be released to the public soon. In addition to this, OpenAI also announced plans for a GPT store that allows individuals to create and upload their personalized chatbots without any coding expertise. Creators will earn revenue based on the number of downloads of the chatbot.
The company is also committed to protecting users from copyright infringement lawsuits related to use of the model. It has put copyright protection measures in place to address these issues and has pledged to cover any related legal costs.
In addition to these developments, OpenAI has introduced revenue sharing agreements and customization options for ChatGPT for top application developers. The company, which has a vast network of 2 million developers and more than 100 million weekly active users, aims to simplify the integration of GenAI across platforms through the new GPT.
Microsoft CEO Satya Nadella made a surprise appearance at the event, highlighting their partnership with OpenAI. He discussed infrastructure extensions and advanced models that can enhance Microsoft’s artificial intelligence products. Microsoft made a major investment earlier this year taking a 49% stake in OpenAI.
Citi analysts said these strategic alliances could benefit Microsoft by increasing the use of Azure. These developments lead TipRanks to forecast 14.7% upside potential for Microsoft stock, maintaining its $408.83 price target.
OpenAI partners with 92% of Fortune 500 companies, and its strong user base makes it a key player in the artificial intelligence industry. The company has also introduced new text-to-speech (TTS) models and GPT-4 Turbo’s visual input for subtitle generation and analysis, further expanding its artificial intelligence capabilities.
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