OpenAI Releases Brand New Model: GPT-4o Mini

AI Insider Tips
18 Jul 202410:26

TLDROpenAI introduces GPT-40 Mini, a cost-efficient model replacing GPT 3.5, with improved performance and 60% lower cost than GPT 3.5 Turbo. Despite limitations like no vision component and real-time web search, it's poised to revolutionize AI applications and benefit AI SaaS tools with its affordability.

Takeaways

  • 😀 OpenAI has released a new model called GPT-4o Mini, which is a cost-efficient and smaller version of the GPT-40 model.
  • 🔄 GPT-4o Mini is an iteration of the GPT-40 model and is intended to replace GPT 3.5, which is no longer available in the model selection.
  • 📈 GPT-4o Mini is expected to significantly expand the range of AI applications by making AI more affordable, being 60% cheaper than GPT 3.5 turbo.
  • 🏆 The model has shown superior performance in various benchmarks, outperforming GPT 3.5 turbo in categories like math.
  • 💰 The API pricing for GPT-4o Mini is notably lower than the original GPT-40 model, with 15 cents for every million input tokens and 60 cents for every million output tokens.
  • 🚫 GPT-4o Mini lacks certain features of the original GPT-40 model, such as the vision component for image attachment and generation, as well as real-time web search capabilities.
  • 📝 GPT-4o Mini excels in processing simple text prompts quickly, making it ideal for short-form content creation, ad copy, social media posts, and summarization tasks.
  • 📈 The release of GPT-4o Mini is a significant advantage for AI SaaS tools that use OpenAI models, as they can now access a higher-quality model at a lower cost.
  • 💡 The model's affordability and efficiency are likely to drive increased adoption and innovation in AI applications across various industries.
  • 👀 The absence of real-time web search and image generation capabilities indicates that GPT-4o Mini is tailored for specific use cases rather than being a general-purpose model.
  • 🗣️ The response time of GPT-4o Mini is very fast, showcasing its potential for real-time applications requiring quick processing of text-based prompts.

Q & A

  • What is the name of the new model released by OpenAI?

    -The new model released by OpenAI is called GPT-40 Mini.

  • When was the GPT-40 model released?

    -The GPT-40 model was released on May 13th, 2024.

  • What is the significance of GPT-40 Mini being 60% cheaper than GPT 3.5 Turbo?

    -The 60% cost reduction makes GPT-40 Mini significantly more affordable, which is expected to expand the range of applications built with AI by making intelligence more accessible.

  • How does the performance of GPT-40 Mini compare to GPT 3.5 Turbo in terms of benchmark scores?

    -GPT-40 Mini outperforms GPT 3.5 Turbo in various benchmark categories, such as scoring 70.2 in math compared to GPT 3.5 Turbo's score of 43.1.

  • What are the API pricing differences between GPT-40 and GPT-40 Mini?

    -GPT-40 costs $5 for every million input tokens and $15 for every million output tokens, while GPT-40 Mini is priced at 15 cents for every million input tokens and 60 cents for every million output tokens.

  • What features are not available in GPT-40 Mini compared to the original GPT-40?

    -GPT-40 Mini does not have the vision component for attaching images or documents, nor can it generate images or perform live web searches.

  • What are some potential use cases for GPT-40 Mini?

    -GPT-40 Mini is useful for quickly processing simple text prompts, such as short-form content creation, ad copy, social media posts, email copy, and summarization tasks.

  • How does the release of GPT-40 Mini impact AI SaaS tools that use OpenAI's models?

    -The release of GPT-40 Mini provides these tools with a more cost-effective and higher-quality model, potentially maximizing their profits and improving their service offerings.

  • What does Sam Altman, CEO of OpenAI, say about the new model in his tweet?

    -Sam Altman tweeted about the new model, emphasizing its affordability with 15 cents per million input tokens and 60 cents per million output tokens, and expressed confidence that people will really like the new model.

  • How can viewers stay updated with AI Insider tips and support the channel?

    -Viewers can subscribe to the AI Insider tips channel, turn on notifications, and check the pinned comment or description for guides on the best AI side hustles.

Outlines

00:00

🔔 Introduction to GPT 40 Mini

Ryan from AI Insider Tips introduces GPT 40 Mini, OpenAI's latest cost-efficient and small model. Released on May 13, 2024, as an iteration of GPT-4, it replaces GPT 3.5 and is significantly cheaper, making AI applications more accessible. Ryan plans to test it in ChatGPT Plus to compare its performance with GPT 3.5 Turbo.

05:00

📝 Features and Performance

Ryan explains the features of GPT 40 Mini, highlighting its affordability and improved performance compared to GPT 3.5 Turbo. He mentions OpenAI's benchmarks showing superior scores for GPT 40 Mini across various categories. Additionally, he discusses the API pricing, noting that GPT 40 Mini is significantly cheaper than other models, making it a valuable option for developers.

10:00

🚀 Testing GPT 40 Mini

Ryan tests GPT 40 Mini by asking it to summarize an article in five bullet points, which it does quickly and effectively. He notes that while GPT 40 Mini can process text efficiently, it lacks the vision component and live web search capabilities available in the original GPT 4. Despite these limitations, GPT 40 Mini excels in tasks like short-form content creation and summarization.

💡 Real-World Applications

Ryan outlines potential use cases for GPT 40 Mini, emphasizing its efficiency in processing simple text prompts. He suggests its application in content creation, ad copy, email subject lines, and summarization. Ryan also highlights the model's cost-effectiveness for AI SaaS tools, which can now offer higher-quality outputs at a lower cost, maximizing their profits.

📣 Conclusion and Call to Action

Ryan wraps up by inviting viewers to share their thoughts on GPT 40 Mini in the comments and subscribe to AI Insider Tips. He mentions his guide on the best AI side hustles, which can generate up to $5,000 a month in passive income, available in the video description. Ryan expresses his gratitude to the viewers and hopes to reach 5K subscribers soon.

Mindmap

Keywords

💡GPT-4 Mini

GPT-4 Mini is a new, smaller, and more cost-efficient model released by OpenAI. It is an iteration of the GPT-40 model and is designed to be more accessible and affordable for a wider range of applications. In the video, it is presented as a replacement for GPT 3.5, indicating a shift in the AI landscape towards more efficient and cost-effective solutions. The script mentions that GPT-4 Mini is expected to 'significantly expand the range of applications built with AI' by making intelligence more affordable.

💡Cost Efficiency

Cost efficiency in the context of the video refers to the reduced cost of using the GPT-4 Mini model compared to previous models. The script highlights that GPT-4 Mini is '60% cheaper than GPT 3.5 turbo' and 'an order of magnitude more affordable than previous frontier models,' which positions it as a game-changer in the AI industry by making advanced AI capabilities more financially accessible to developers and businesses.

💡Model Iteration

Model iteration is the process of improving and updating AI models over time. The video discusses GPT-4 Mini as an iteration of the GPT-40 model, suggesting enhancements in performance and cost efficiency. The script indicates that GPT-4 Mini is an advancement over GPT 3.5, which has been sunsetted, showing the continuous evolution of AI technology.

💡Benchmarks

Benchmarks are standardized tests used to evaluate the performance of different systems or models. In the video, benchmarks are used to compare the performance of GPT-4 Mini with GPT 3.5 turbo and other models. The script mentions that GPT-4 Mini outperforms GPT 3.5 turbo in various categories, such as math, indicating its superior capabilities.

💡API Pricing

API pricing refers to the cost associated with using an application programming interface (API) to access a service or product. The video discusses the API pricing for OpenAI's models, emphasizing the significant cost difference between GPT-4 and GPT-4 Mini. The script states that GPT-4 Mini is priced at '15 cents for every million input tokens and 60 cents for every million output tokens,' which is a stark contrast to the original GPT-4 model's pricing.

💡AI SaaS Tools

AI SaaS (Software as a Service) tools are applications that utilize AI models to provide services to users. The video script mentions that GPT-4 Mini's release will make AI more accessible for these tools, potentially improving their offerings and reducing costs. The script suggests that these tools, which may include writing assistants and content creation platforms, will benefit from the 'extremely more efficient and cost-effective' GPT-4 Mini model.

💡Summarization

Summarization is the process of condensing information into a shorter form while retaining the most important points. In the video, the GPT-4 Mini model is tested for its ability to summarize an article into five bullet points. The script demonstrates this feature by showing the model's response to a prompt for summarizing an article, highlighting its utility in quickly processing and conveying information.

💡Vision Component

The vision component refers to the ability of an AI model to process and understand visual data, such as images and PDFs. The video script notes that GPT-4 Mini lacks a vision component, unlike the original GPT-4 model, which can attach images and connect to apps for visual data processing. This absence indicates a limitation in GPT-4 Mini's capabilities compared to its predecessor.

💡Image Generation

Image generation is the ability of an AI model to create visual content. The video script points out that GPT-4 Mini cannot generate images on its own, unlike the GPT-4 model, which can produce images. This limitation is highlighted as a key difference between the two models, showing that GPT-4 Mini is specialized for text-based tasks rather than visual content creation.

💡Live Web Searches

Live web searches refer to the capability of an AI model to search the internet in real-time. The video script mentions that GPT-4 Mini does not have the ability to perform live web searches, which is a feature available in the GPT-4 model. This indicates that GPT-4 Mini is designed for tasks that do not require real-time internet data retrieval.

💡AI Side Hustles

AI side hustles are income-generating activities that utilize AI technologies. The video script mentions a guide on the best AI side hustles, suggesting ways to earn passive income using AI. The script implies that these side hustles can generate up to $5,000 a month, indicating the potential for individuals to leverage AI for financial gain.

Highlights

GPT-4o Mini is OpenAI's most cost-efficient and small model.

GPT-4o Mini replaces GPT-3.5, which has been sunsetted.

GPT-4o Mini is designed to be significantly more affordable, making AI more accessible.

GPT-4o Mini is 60% cheaper than GPT-3.5 Turbo.

GPT-4o Mini outperforms GPT-3.5 Turbo in various benchmarks.

GPT-4o Mini excels in tasks such as math, demonstrating better performance.

GPT-4o Mini includes built-in safety measures and affordable pricing.

API pricing for GPT-4o Mini is 15 cents per million input tokens and 60 cents per million output tokens.

GPT-4o Mini does not have the vision component for generating or processing images.

GPT-4o Mini cannot perform live web searches unlike the original GPT-4o model.

GPT-4o Mini is ideal for quickly processing simple text prompts.

GPT-4o Mini is suitable for short-form content creation, summarization, and ideation.

AI SaaS tools can benefit from the cost efficiency and higher quality outputs of GPT-4o Mini.

Developers can maximize profits using GPT-4o Mini due to its affordability and performance.

The release of GPT-4o Mini marks a significant improvement in AI accessibility and cost-efficiency.

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