A Year of the Huge Hit of OpenAI’s ChatGPT

IBL News | New York

A year ago, on November 30, 2023, OpenAI’s ChatGPT was launched, starting a new time in EdTech through Generative AI technology.

The day represents a turning point in the digital world, as it happened with Netscape, Facebook, Netflix, and the iPhone.

When ChatGPT was launched nobody took the stage, and no one predicted that this apparently simple chatbot would be the fastest-growing consumer technology in history.

It had a million users in five days, 100 million after just two months, and now boasts of having 100 million users every week.

ChatGPT, and the model underneath it, also quickly became a billion-dollar business for OpenAI, with the huge backing of Microsoft, which invested over $12 billion.

In a year otherwise marked by a huge decline in venture capital investing, companies with Generative AI in their pitch have been able to raise $17.9 billion just in the third quarter of 2023, according to Pitchbook.

A few companies have successfully emerged: Anthropic as the most well-funded competitor; Midjourney and Stable Diffusion as image-generating; Character.ai as a free chatbot-creator; Github and Microsoft’s Bing copilots; and Google’s Duet.

AI hardware made Nvidia one of the most valuable companies on earth.

Within a year, we also saw corporate drama at OpenAI. CEO Sam Altman was briefly forced out. It was a power play between board members and executives, apparently on a disagreement over safety.