Introduction
OpenAI has recently announced a series of exciting updates!

New Embedding Models

• Small Text Embedding Model (text-embedding-3-small)

• Upgraded Performance: Significant improvement over its predecessor, text-embedding-ada-002. Performance on MIRACL increased from 31.4% to 44.0%, and on MTEB from 61.0% to 62.3%.
• Reduced Pricing: 5X cheaper than text-embedding-ada-002, priced at $0.00002 per 1k tokens.
• Continued Support for text-embedding-ada-002: For those who prefer the previous model.

Large Text Embedding Model (text-embedding-3-large)

• Enhanced Capabilities: Capable of creating embeddings up to 3072 dimensions.
• Superior Performance: Outperforms text-embedding-ada-002 on MIRACL (54.9%) and MTEB (64.6%).
• Cost-effective Pricing: Available at $0.00013 per 1k tokens.

Flexibility in Embeddings Usage
The new models allow developers to adjust embedding sizes for a balance between performance and cost.

👁 Updated Models and Lower Pricing

GPT-3.5 Turbo Model (gpt-3.5-turbo-0125)

• Price Reduction: Input prices cut by 50% to $0.0005 per 1K tokens, and output prices by 25% to $0.0015 per 1K tokens.
• Enhanced Accuracy: Improved response format accuracy and a fix for a non-English language text encoding issue.

GPT-4 Turbo Preview Model (gpt-4-0125-preview)

• Advanced Capabilities: Better at completing tasks like code generation and fixing previous model limitations.
• Continuous Upgrades: The introduction of a new model alias for automatic updates to the latest GPT-4 Turbo model.

New Developer Tools
• API Key Management: Developers can now assign specific permissions to API keys for more controlled access.
• API Usage Insights: Enhanced tracking and reporting features for API usage, enabling better management and optimization.

🛡 Enhanced Safety with Updated Moderation Model
The new text-moderation-007 model, with improved capabilities to identify harmful text.

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