OpenAI Sees ChatGPT Revenue Of $1 Billion In 2024

ChatGPT, an AI-powered chatbot, has been a viral success and is predicted to bring in $1 billion in revenue by 2024. Three sources speaking to Reuters claim that OpenAI, the chatbot parent, sees revenue exceeding $200 million by 2023 and quintupling in the next year.

ChatGPT can transform written instructions or prompts into essays, blogs, poems, and marketing taglines. It can also summarize text into bullet points. ChatGPT launched on Nov. 30 and already has one million users. OpenAI CEO Sam Altman tweeted that ChatGPT had achieved this in less than a week.

ChatGPT is free to use during the research phase while the company gathers feedback. Developers who wish to integrate this tool into their software will pay approximately a penny per 20,000 words and about 2 cents each for images.

OpenAI was initially founded to promote AI safety for humanity. However, in 2019, it changed its business model to become a ‘capped-profit’ hybrid company.

Elon Musk, the founder of Tesla, and Altman (the former president of Y Combinator) are among its founders. Other investors include Reid Hoffman, Sequoia Capital, Microsoft, and Andreessen Horowitz, a co-founder of LinkedIn.

Altman tweeted earlier this month that OpenAI had no choice but to make money from ChatGPT. “We will have monetize it someday; the compute costs for ChatGPT are eye-watering.”

ChatGPT was trained using a large language model GPT-3.0 with Reinforcement Learning From Human Feedback (RLHF) atop an Azure AI supercomputing environment.

Altman warned of the limitations. Altman tweeted, “ChatGPT’s capabilities are minimal, but it is good enough to give the illusion of greatness.”

It’s wrong to rely on it for any critical task right now. It’s a glimpse of progress. We still have a lot to do in terms of robustness and truthfulness.

Altman said, “It knows a lot, but it’s dangerous because it’s confident and wrong a substantial fraction of the time.”

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