OpenAI has announced several updates that will benefit developers using its AI services, including new embedding models, a lower price for GPT-3.5 Turbo, an updated GPT-4 Turbo preview, and more robust content moderation capabilities.

The San Francisco-based AI lab said its new text-embedding-3-small and text-embedding-3-large models offer upgraded performance over previous generations. For example, text-embedding-3-large achieves average scores of 54.9 percent on the MIRACL benchmark and 64.6 percent on the MTEB benchmark, up from 31.4 percent and 61 percent respectively for the older text-embedding-ada-002 model. 

Additionally, OpenAI revealed the price per 1,000 tokens has dropped 5x for text-embedding-3-small compared to text-embedding-ada-002, from $0.0001 to $0.00002. The company said developers can also shorten embeddings to reduce costs without significantly impacting accuracy.

Next week, OpenAI plans to release an updated GPT-3.5 Turbo model and cut its pricing by 50 percent for input tokens and 25 percent for output tokens. This will mark the third price reduction for GPT-3.5 Turbo in the past year as OpenAI aims to drive more adoption.

OpenAI has additionally updated its GPT-4 Turbo preview to version gpt-4-0125-preview, noting over 70 percent of requests have transitioned to th