Microsoft (NASDAQ:MSFT)-backed OpenAI unlocked several new features and tools of its ChatGPT models and impressed developers at its first DevDay event held yesterday in San Francisco. CEO Sam Altman unveiled the latest version of its generative artificial intelligence (AI) model, the GPT-4 Turbo. The model is programmed to give answers up to April 2023, while the previous versions were only programmed on a database up to January 2022. Plus, it accepts more inputs, supports image generation through DALL-E 3, and is 3x cheaper than prior models, helping developers save more money with every usage. The Turbo model is currently available for testing by select users and will be publicly available in the coming months.
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Further, Altman said that anyone can build their own personalized chatbots (GPTs) using the software without any coding knowledge. OpenAI is also building its own GPT store that will allow people to create and upload their GPTs to the store. Creators will be paid based on the number of downloads, thus opening a new revenue stream for them.
What’s more, OpenAI assured users of its models that the company would indemnify them of any “legal claims of copyright infringements” concerning the model’s usage. ChatGPT boasts 100 million weekly active users.
What is the Price Target for MSFT?
On TipRanks, the average Microsoft price target of $408.83 implies 14.7% upside potential from current levels. Microsoft stock commands a Strong Buy consensus rating based on 31 Buys versus one Hold rating. Year-to-date, MSFT stock has gained 49.8%.
