Phi-3 models are the most capable and cost-effective small language models available, outperforming models of the same size and next size up across various benchmarks.
Phi-3-Mini with 3.8 billion parameters is significantly smaller than models like ChatGPT with over a trillion parameters, making it more suitable for local usage on devices like smartphones.
Microsoft aims to democratize genAI by offering more affordable small language models, potentially making them accessible to small businesses and sole proprietors.
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