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Jul 19, 2024 • 5 min read

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OpenAI‘s New GPT-4o mini
Stegosaurus Auction Purchase

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OpenAI‘s New GPT-4o mini:

OpenAI has announced the launch of GPT-4o mini, an innovative and cost-effective AI model designed to surpass its predecessor, GPT-3.5 Turbo. GPT-4o mini is built with advanced AI capabilities and is now available through the API. This model excels in textual intelligence, scoring 82% on the MMLU (Massive Multitask Language Understanding) benchmark, compared to GPT-3.5 Turbo's 69.8%. Additionally, GPT-4o mini enhances multimodal reasoning, supporting both text and vision inputs, with plans to incorporate audio and video functionalities in the future.
It also offers improved multilingual understanding, making it effective for a wide range of non-English languages. One of the standout features of GPT-4o mini is its affordability. It is more than 60% cheaper than GPT-3.5 Turbo, with pricing set at $0.15 per 1 million input tokens and $0.60 per 1 million output tokens, approximately equivalent to 2,500 pages in a standard book. This cost efficiency makes GPT-4o mini ideal for high-volume tasks such as processing large codebases or conversation histories, as well as cost-sensitive tasks like summarizing extensive documents.
It is also well-suited for applications that require rapid responses, such as customer support chatbots. The model maintains a 128k context window and supports up to 16k output tokens per request, with a knowledge cut-off date of October 2023. OpenAI plans to enable fine-tuning for GPT-4o mini in the near future. To maximize the benefits of GPT-4o mini, OpenAI recommends developers currently using GPT-3.5 Turbo to transition to this new model. This strategic move aims to provide developers with a highly intelligent, cost-effective AI solution to enhance various applications.

Stegosaurus Auction Purchase:

Billionaire investor Ken Griffin, founder and CEO of hedge fund Citadel, recently purchased a Jurassic stegosaurus skeleton named "Apex" for $44.6 million at a Sotheby's auction. This acquisition marks the most valuable fossil ever sold at auction. Apex, a 150 million-year-old skeleton standing 11 feet tall and nearly 27 feet long, comprises 254 fossil bone elements and was initially expected to sell for about $6 million. Griffin's winning bid followed a 15-minute competition with six other bidders.
Post-auction, Griffin expressed intentions to loan the specimen to a U.S. institution, ensuring that the fossil remains in the country. Griffin's interest in significant cultural and historical artifacts extends beyond fossils. In 2018, he donated $16.5 million to Chicago's Field Museum to support the display of a cast of the largest dinosaur ever discovered. Additionally, in 2021, he paid $43.2 million for a first-edition copy of the U.S. Constitution, which he later loaned to the Crystal Bridges Museum of American Art in Arkansas.
The market for rare fossils and historical artifacts is increasingly seen as a viable store of wealth, attracting interest from wealthy collectors and institutions. These items are valued not only for their cultural and educational significance but also for their potential to appreciate over time, similar to fine art and real estate. Investing in such artifacts allows high-net-worth individuals to diversify their portfolios while contributing to the preservation and public display of significant historical items. This dual benefit makes the market for rare fossils and artifacts particularly appealing, as it combines financial investment with cultural enrichment.

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