The Benefits and Limitations of ChatGPT

Artificial intelligence is certainly having a moment right now. Recently, it was all about OpenAI with its massive $10 billion round — a round so big, it’ll be hard for any company to top all year.?

As early as 1990 we had our first real web browsers, however, it wasn’t until AOL followed by Netscape came along in 1994 that most people really started playing online. There were MP3 players before the iPod debuted in 2001, however most still loved their CD player. We all remember the Blackberry but not really other smartphones before Apple. The iPhone in 2007 changed everything.? Most remember the looks on people faces when they did that first natural scroll! ChatGPT although not as sexy and fun, is definetly comparable to those moments with contextual creation and research.?

The hype around ChatGPT is due to its ability to generate human-like text, making it suitable for a variety of applications such as customer support, content creation, and personalization. The key factor contributing to the hype are its advanced Natural Language Processing (NLP) capabilities.

Veterans of ChatGPT parent OpenAI founded a new AI startup that would quickly rival the company. Anthropic, the San Francisco-based AI startup and rival to ChatGPT, is close to adding $300 million to its dry powder, The New York Times reported. That could bring the company’s total valuation to $5 billion. Anthropic previously raised $704 million across Series A and Series B funding rounds in 2022, according to Crunchbase data (much of that Series B was bankrolled by Sam Bankman-Fried, the disgraced FTX).

Anthropic and its AI chatbot, Claude, are riding on the coattails of Silicon Valley’s latest obsession with AI that started in November, when OpenAI launched the new and improved ChatGPT. Per Crunchbase data, funding in the AI space has accounted for around 10% of all venture funding in recent years. While several industries buckled amid the funding dry spell in 2022, AI flourished in its second best funding year ever. Funding in startups that used AI-related descriptors far outpaced those with Web3 descriptors which was once the apple of Silicon Valley’s eye.

Cohere, a Canada-based natural language processing startup that was founded in 2019, has raised around $170 million in two series. DeepMind, a London-based AI startup that was founded in 2010, was acquired by Alphabet? in 2015 and is building an NLP model similar to ChatGPT.

As investors scramble to grab a piece of sophisticated, AI-powered language processing models, OpenAI is making strategic moves to ensure it’s adopted before the competition. It has ecently been reported that OpenAI is investing in startups, particularly those that will use its language processing networks.

ChatGPT can do this with its training on a vast amount of text data and uses the latest NLP techniques to generate text that is not only grammatically correct but also semantically meaningful. The breakthrough technology uses a language model that saves time and resources compared to manual text generation or hiring human writers, making it an incredible solution for neurodivergent people like me, and due to its currently free sticker price a real solid solution for startups. Its pretty decent at content marketing although you still need to participate (think Tesla self-driving car). It does absolutely act as a powerful assistant.

In fact I used the technology for parts of this article, I found it helpful, however it is not a stand alone solution “YET”, I found the tool to be incredible at research which I find to be a combination of fun and repetitive. In addition the stock works well in customer service, that said I can tell when its being used so again, you need a human to oversee at the moment. I found the following to be it’s strengths (I have actually tested these capabilities and was impressed):??

• Chatbots for customer service and support
• Generating text for conversational AI applications
• Automating text-based tasks such as summarization, translation, and content creation
• Research and development in the field of AI and NLP.
• Quick and accurate responses to customer inquiries and support requests, freeing up time for founders to focus on other tasks.
• Generating product descriptions, promotional content, and other marketing materials, saving the time and resources required to produce such content manually.
• Conducting market research and generating insights by analyzing large amounts of text data.
• Generating personalized recommendations and suggestions for customers, improving the overall user experience.

I did notice, however,? that it does not sound like me. In most cases it makes all writing sound the same (tone, word selection, and expressions) so for me its a really nice crutch but not a hands-off solution for drafting text for content, but for straightforward jobs it's incredible and certainly better than anything that's come before it.?

In my case, having crippling dyslexia, I will add this to my tool box along with technology that reads to me, and I can dictate to another too. For those who want to make their life easier or must use it like me and I'm grateful. I would suggest giving it a try. It suprised me and just may surprise you too!

#chatgpt #AI #technology