The new model, called GPT-4o mini, is 60 percent cheaper than OpenAI's most inexpensive existing model while offering higher performance, the company says.
Making intelligence available at a lower cost is one of the most efficient ways for us to do that.
OpenAI says GPT-4o mini outperforms other 'small' models on the market in several common benchmarks.
The interest in language models triggered by ChatGPT's wild success has prompted competitors to develop similar offerings.