In November, it released the chatbot ChatGPT for wide testing. OpenAI has drawn wide admiration for the products it has built with GPT so far.ĭall-E, a text-to-image AI programme, lets users create an image of virtually any scenario in any art style, based on just a few words of prompting. And it’s expected to get radically better with the release of GPT-4, which could debut in the coming months. Its technology is called GPT, which stands for Generative Pre-trained Transformer. The startup’s sprawling, general models are intended to serve as the foundation for many uses rather than focusing on a single set of narrower applications. Within the tech industry, OpenAI is famous for its large-language models, and massive AI systems that process text from the whole of the internet and use it to generate language. You cannot go to a coffee shop in Palo Alto, or the Village Pub in Woodside, without overhearing three different conversations about generative AI.” What OpenAI is known for “That’s why it’s also hyped up the way it is. “If there is a single shining star in the sea of gloom, it is generative AI,” said Venky Ganesan, a partner at Menlo Ventures. Three months into 2023, multiple generative AI companies have raised or are in talks to raise upwards of $700m cumulatively, according to reports of funding rounds – not including OpenAI’s Microsoft backing.Ī running list maintained by the Homebrew AI Club, a group intended as a meeting place for AI workers, counts more than 150 startups in the sector. In 2022, they raised about $920m in the US, according to PitchBook data, up 35 per cent from the year before. Generative AI companies – so named for their ability to generate new content from digital troves of text, photos and art – are attracting vast sums of venture capital dollars. “There’s obviously a whole crew of startups that are trying to chase after them – or leapfrog them,” said Guido Appenzeller, a former Intel Corp artificial intelligence (AI) executive and an Andreessen HorowitzĪrtificial intelligence is a rare bright spot in the contracting, job-cutting tech industry.
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