Chat-GPT is an AI language model developed by OpenAI that uses deep learning techniques to generate natural language text in a conversational context. With over 175 billion parameters, Chat-GPT is one of the largest and most powerful language models ever created. Its ability to understand the context of text inputs and generate human-like responses has far-reaching implications for customer service, personalized content creation, and virtual assistants. Chat-GPT is a major breakthrough in the field of natural language processing and is expected to continue pushing the boundaries of conversational AI.
Since its launch in late November of 2022, the all-encompassing word ‘ChatGPT’ has been thrown around like it’s the only thing anyone cares to talk about. Even when trying to ignore it, it shows up in the least expected ways. Understandably so, because you, yes, YOU just witnessed what this AI technology could do. The first paragraph was written completely by Chat-GPT with the user-inputted prompt ‘Describe what Chat-GPT is, in four sentences, in the tone of a blog post.’ The simple fact is, Chat-GPT and the world of AI language models are here to stay now and in the future.
For this particular reason, companies are moving towards implementing AI language models to streamline their operations and get a competitive edge. Companies such as Salesforce are using it to improve their customer relationship management tools and even incorporating it into their workplace communication app Slack for research, writing, and conversational summary assistance. Another example is Morgan Stanley, in collaboration with Open AI, which is implementing an ‘internal-facing service’ that uses the company’s internal data to better equip advisors. On the other hand, banks such as J.P Morgan are restricting the use of Chat-GPT by employees due to the fear of potential security breaches.
Chat-GPT is not excluded from this competitive sphere either. Companies are developing their own AI language models to outcompete Chat-GPT. At the beginning of the year, Google announced Bard, an experimental conversational AI chat service powered by LaMDA, to avoid falling behind the competition. However, the extreme pace of the industry led to many early-stage testers questioning the purpose of the language model as it lacked many capabilities of Chat-GPT.
Regardless, there is so much interest in this space. A PitchBook report shows that venture capitalists have increased their investments in the generative artificial intelligence field by 425% since 2020, totaling $2.1 billion. With that much money flowing in, the startup space has been filled with companies trying to utilize this technology and riding the wave. Seed investors are eager to fund generative AI companies due to their potential to gain huge valuations during Series A rounds and beyond.
It is imperative to seek out the right balance between the need for humans and AI technology. It is difficult not to worry about the future of businesses due to the potential for many jobs to become obsolete. However, on the flip side, it is exciting to see the creation of jobs that revolutionize old practices and utilize this new technology. At the end of the day, we need to figure out the role this plays in improving the lives of what matters most, people. We need to ensure that people and their livelihoods are not at stake but can grow into this new market.