Cover for the PYMNTS and AI-ID August 2023 “Generative AI Tracker®: Large Language Models Take Generative Al Beyond Text”

Costs Are Top of Mind as LLMs Upgrade Chatbots for Industry-Specific Use Cases

Generative AI Tracker®: Large Language Models Take Generative AI Beyond Text

LLMs are paving the way for innovative new AI products in complex industries such as healthcare, law and finance, but all this innovation comes at a price, ranging from the cost of computing power to the societal toll of displacing workers and spreading misinformation. The “Generative AI Tracker®,” a collaboration with AI-ID, explores how creators have their work cut out for them when it comes to developing compelling use cases that aggressively manage costs and take ethical considerations to heart.

Inside the August Tracker

  • LLMs are lifting AI to new heights by expanding its capabilities beyond text to include images, speech, video and even music.
  • Major technology companies are sharpening their AI skills and offerings to build upon their earlier successes involving AI, chatbots and data analytics.
  • For now, investors’ priority may be open-source models, but they will gradually shift to nuanced versions of LLMs — and how well they can play with external tools and APIs.

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