First major update to the ChatGPT API for 2024

Now OpenAI is interested in ChatGPT The API has been significantly updated and we have summarized 8 important points. It is worth mentioning that there is a new "GPT-4-0125-preview" model, which allows for better handling of tasks.

1. New model releases:

• Two new embedding models:
  • Compact and efficient "text-embedding-3-small"
  • Large and powerful "text-embedding-3-large"
• Updated GPT-4 Turbo preview model
• Updated "GPT-3.5 Turbo" model
• Updated text review model

2. Performance and price of the new embedded model:

• Text Embedding-3-Small:
  • Average MIRACL Benchmark score improved from 31.4% to 44.0%
  • Average MTEB benchmark score increased from 61.0% to 62.3%
  • Price dropped from $0.0001 per 1K tokens to $0.00002 per 1K tokens, a 5x drop
• text-embedding-3-large:
  • The average MIRACL score increased from 31.41 TP3T to 54.91 TP3T and the average MTEB score increased from 61.01 TP3T to 64.61 TP3T
  • Price is $0.00013 per 1k tokens

3. Shorten embedding:

• text-embedding-3-large embedding creates up to 3072 dimensions
• Embedded acronyms (with some numbers removed), but retaining representation of concepts

4. Updates and price reductions for the GPT-3.5 Turbo model:

• Launched new model "GPT-3.5-Turbo-0125".
• Input price reduced by 50% to $0.0005/1K tokens, output price reduced by 25% to $0.0015/1K tokens

5. GPT-4 Turbo update:

• The new "GPT-4-0125-preview" model allows for more thorough handling of tasks such as code generation.
• Reducing "laziness" (the problem of not completing tasks)
• Includes bug fixes for non-English UTF-8 generation

6. Review model updates:

• New "text-moderation-007" model released
• Free API for identifying potentially harmful text

7. Improved management of API usage and API keys:

• Ability to assign permissions to API keys
• Usage Dashboard and Usage Export Show API Key Level Metrics

8. Other:

• Full rollout of the vision-enabled GPT-4 Turbo is planned in the coming months
• Further improve API usage visibility and API key management, especially for large organizations

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