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Why it matters: OpenAI is lowering the cost of the GPT-3 API.

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The good news is that OpenAI is reducing the cost of its API service GPT-3. They are slashing the service’s price by 2/3rd. The company made this important announcement on its official website. Effective September 1, this latest pricing plan will be applicable. The latest pricing plan may have a big impact on organizations, which are developing products using OpenAI’s LLM (Large Language Model).

The biggest language model to date, GPT-3 has initiated several discussions over the way AI will disrupt different types of industries. The revelation came amid the increasing interest in the model and how it can be applied in diverse fields. Additionally, service providers need to tweak their business models to the changes in the market for LLM. After all, it is a maturing and growing market.

OpenAI API’s latest pricing reveals some such shifts, which are occurring these days.

More players are making the market bigger

Introduced in 2017, the transformer architecture has triggered the path for the prevailing LLMs. Transformers are apt to process sequential data, such as text. These are more efficient as compared to LSTM and RNN, their predecessors.

Experts have demonstrated transformers are more accurate and powerful when they are trained on bigger datasets and larger ones.

Advancements in hardware

A major reason for companies, such as OpenAI offering access to API to LLMs is because they faced challenges in running and training the models. Many companies failed to handle that. Smaller models for machine learning can operate on one GPU, unlike LLMs that need hundreds or dozens of powerful GPUs.

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