OpenAI, the artificial intelligence research lab backed by Microsoft (NASDAQ:MSFT), unveiled a host of new features and strategic alliances at its inaugural DevDay event held in San Francisco. The event was marked by the introduction of the latest version of its ChatGPT models, the GPT-4 Turbo. This advanced model leverages data up to April 2023 and supports image generation through DALL-E 3, while being three times more cost-effective than its predecessors.
OpenAI CEO Sam Altman revealed that the Turbo model is currently under testing by select users and is expected to be released to the public soon. Alongside this, OpenAI also announced plans for a GPT store that allows individuals to create and upload their personalized chatbots without needing any coding expertise. Creators will earn revenue based on downloads of their chatbots.
The company is also committed to protecting users from copyright infringement lawsuits associated with the model’s use. It has launched a copyright shield to tackle these issues and has pledged to cover any legal expenses involved.
In addition to these developments, OpenAI introduced revenue-sharing agreements for top app developers and customization options for ChatGPT. The company, which boasts an extensive network of 2 million developers and over 100 million weekly active users, aims to streamline GenAI integration across platforms with its new GPTs.
Microsoft CEO Satya Nadella made an unexpected appearance at the event, underscoring their partnership with OpenAI. He discussed infrastructure expansion and cutting-edge models that can enhance Microsoft's AI offerings. Microsoft's significant investment earlier this year led to a 49% stake in OpenAI.
These strategic alliances could potentially increase Azure usage, thereby benefiting Microsoft, according to Citi analysts. These developments have led TipRanks to forecast a potential 14.7% upside for Microsoft's stock, holding a price target of $408.83.
OpenAI's partnerships with 92% of Fortune 500 companies and its robust user base position it as a significant player in the AI industry. The company also showcased a new text-to-speech model (TTS) and image inputs for GPT-4 Turbo for caption generation and analysis, further expanding its AI capabilities.
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