ChatGPT and Generative AI: Our Guide to 2023's Most Talked-About Technology

ChatGPT brought generative AI into the limelight when it hit 1 million users in five days. But how valid is the buzz around ChatGPT? We unpack what you need to know: How does generative AI work? Who are the key players? Is ChatGPT ready for prime time? And most importantly: How will the technology change the way we do business?

So what exactly is generative AI and why should you care? Generative AI is artificial intelligence that creates content from simple prompts and context. This new technology can be used to create everything from essays to 3D objects and newer models can even combine more than one capability.

Generative AI comprised less than 1% of total US venture capital (VC) funding of $238.3 billion in 2022, according to PitchBook and the National Venture Capital Association (NVCA). But an estimated 450 startups and several new funds for generative AI indicate a hot market and high hopes for growth.

What is ChatGPT and how does it fit into the equation? ChatGPT is a conversational AI model built by OpenAI (GPT stands for generative pretrained transformer). Released November 30, 2022, as a proof of concept, it gained 1 million users in five days and blasted into the popular consciousness. Despite the excitement many limitations and challenges remain and OpenAI CEO Sam Altman tweeted a warning about ChatGPT: "it's a mistake to be relying on it for anything important right now."

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