Did the wunderkind artificial intelligence phenomenon, ChatGPT, see it coming?
ChatGPT, an AI chatbot, has witnessed significant improvements in performance and usability in a relatively short amount of time.
Its impact is already being noticed in many different fields – from bitcoin and blockchain – to the arts and entertainment industries and beyond.
OpenAI, the company behind ChatGPT, has made tremendous strides in several areas, but the AI instrument has been observed struggling in some ways.
According to recent data, this tool is becoming increasingly inept. Although OpenAI has been releasing updates to the chatbot with the intention of improving its usability, the study claims that the chatbot’s responses have actually gotten worse.
Is ChatGPT About To Go Belly Up?
But, there is a bigger problem the company is now facing. OpenAI’s finances apparently appear to be in a precarious situation, with bankruptcy a distinct possibility, reports said.
Firstpost has written extensively on this worrying situation, illuminating many of the circumstances that have led to this impasse. Analytics India Magazine provided the statistical evidence that supports these issues.
A report in Analytics India Magazine says the ChatGPT website has shown a steady and worrisome drop in activity over the first half of this year. A comprehensive investigation and effective interventions are required to reverse this trend of decreasing user involvement.
In a separate survey, analytics firm SimilarWeb found that the number of users dropped from June’s 1.7 billion to May’s 1.9 billion to July’s 1.5 billion. Not included in these totals are API usage or mobile app downloads of ChatGPT.
AIM claims that OpenAI spends $700,000 per day to operate ChatGPT. GPT (Generative Pre-trained Transformers) is a language model that the chatbot employs to generate realistic and engaging discussions on a wide range of topics.
That’s 36 cents every inquiry, and that doesn’t even include the cost of buying graphics processing units (GPUs) from enterprises like NVIDIA to make sure everything runs well.
As of today, the market cap of cryptocurrencies reached $1.14 trillion. Chart: TradingView.com
ChatGPT’s Impact On The Crypto Industry
ChatGPT has the potential to impact the cryptocurrency industry in a number of ways. It can analyze market data, identify profitable trading opportunities, and anticipate future trends.
Large-scale artificial intelligence (AI) initiatives in the tech industry have seen a shift in funding from institutional investors, which may have swayed ordinary investors into cryptocurrencies related to AI.
Cashaa’s founder and CEO, Kumar Gaurav, thinks ChatGPT’s powerful analytical and automation features will revolutionize the cryptocurrency industry.
Image: MetaNews
However, ChatGPT’s absence in the cryptocurrency sector would significantly affect automated trading tactics and decision-making. Its real-time market information and analysis help traders make informed decisions by analyzing data, illuminating trends, and facilitating speedy decisions.
Without ChatGPT, crypto traders may be less able to respond quickly to market changes, miss out on profitable chances, and adjust to ever-changing market conditions.
The Road Ahead
Meanwhile, OpenAI is keen in finding other revenue streams for their GPT-4 LLMs. It’s ambitious to expect annual revenue of $200 million in 2023 and $1 billion in 2024, but that’s what the company hopes for.
Despite this optimism, the company has faced challenges, having incurred a significant loss of $540 million since the launch of their chatbot.
It’s anyone’s guess on how the miseries OpenAI is currently dealing with will have a major impact on the broader crypto landscape.
Featured image from: Andrzej Wojcicki/Science Photo Library/Getty