OpenAI Released GPT-4o Mini, Over 60% Cheaper than GPT-3.5 Turbo

July 19, 2024

IBL News | New York

OpenAI released GPT-4o mini yesterday, its latest cost-effective small model. It hosts text and vision in the API, supporting text, image, video, and audio inputs and outputs.

GPT-4o mini will replace GPT-3.5 Turbo, OpenAI’s smallest model. The model has a context window of 128,000 tokens, roughly the length of a book, supports up to 16K output tokens per request, and a knowledge cutoff of October 2023.

It is priced over 60% cheaper than GPT-3.5 Turbo, at 15 cents per 1M input tokens and 60 cents per 1M output tokens (roughly the equivalent of 2500 pages in a standard book).

The company claims that GPT-4o mini outperforms industry-leading small AI models, such as Llama 3 8b, Claude Haiku, and Gemini 1.5 Flash, on text and vision reasoning tasks.

Small AI models are becoming more popular for developers due to their speed and cost efficiencies compared to larger models, such as GPT-4 Omni or Claude 3.5 Sonnet. They’re a useful option for developers’ high-volume tasks.