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ChatGPT: Redefining AI?

February 22, 2023
in Personal Finance
chagpt

Who are you?
I am ChatGPT, an OpenAI-trained natural language processing model. I’m here to help with queries and provide information on a variety of subjects. What can I do for you today?

ChatGPT

ChatGPT has created a lot of buzzes. So we thought, why not simplify it for our readers to understand?

It is a chatbot built by the non-profit research organization OpenAI, and it is one of the most advanced models of its kind. It can interpret and respond to a diverse set of natural language inputs, making it ideal for applications like language translation, text summarization, and conversation.

If you have an Android or iOS smartphone, you may have interacted with Siri, Google Assistant, or a device with Alexa in your home. This software/device is to help you with performing simple actions such as making a phone call, playing music, creating a reminder, and so on. While these virtual assistants generally do a good job, ChatGPT performs better in two ways:

  1. ChatGPT is made to have back-and-forth interactions with users, whereas the traditional virtual assistant is made to give info and carry out activities when requested. As a result, it can respond to inquiries in greater detail and carry on more natural-sounding discussions.
  2. ChatGPT’s ability to remember preceding chats. Voice assistants like Siri and Alexa are made to carry out specific duties when asked to do so; they do not keep track of prior encounters. Contrarily, ChatGPT can recall previous exchanges and draw on that knowledge to tailor its responses in following conversations.

What makes ChatGPT powerful?

It entails highly realistic communication abilities, such as the capacity to explain ideas and point out subtleties. In many situations, it’s difficult to identify whether a human or a computer-generated bot is interacting. Grammar and syntax mistakes are few, and written structures are logical and clear. It is well-suited for many applications, from straightforward chatbots to more complicated dialogue systems and question-answering, thanks to its capacity to “remember” previous discussions and scalability. ChatGPT and its similar models are probably going to play a bigger role in various industries as the field of natural language processing continues to develop.

ProsCons
It can generate text that is incredibly realistic and human-like.It demands a high level of processing resources to operate, which makes it challenging to deploy in some contexts.
The model’s power to “remember” past threads makes it well-suited for more complex tasks such as dialogue systems and question-answering.Its potential impact on privacy. Since it can remember and use information from prior chats, there are doubts about how it might be used to collect and keep private data. It is a critical issue that ChatGPT developers and users must consider.
Highly scalable. Due to the model’s extensive training data, it can be customized for specific tasks and sectors, giving in results that are very relevant and precise.As it is a machine-learning model, it isn’t always able to provide flawless responses and may, at times, generate illogical, irrelevant, or biased output.
Lack of knowledge about world events beyond 2021.

Comment below with your thoughts.

Written by: CA Suraj Kar  

For more information, reach us at support@prudentwealth.in

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Read Next: Adani Group: Mutual Fund Holdings

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    MyGoalMySip is an Online Mutual fund investment platform powered by Prudent Wealth. As an investor, it might be hard to find the perfect investment opportunity; therefore, we’re here to help you make an informed decision.

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