🚀 New OpenAI API Features Overview! Key Developments from OpenAI's Dev Day 2024 🚀

Hey everyone! 👋 I am excited to share the latest updates for the OpenAI API that are going to make your AI-powered projects even more powerful.

So, on October 1st 2024, OpenAI hosted its highly anticipated Dev Day, showcasing a series of innovative developments that signal a strategic pivot towards empowering its developer ecosystem.

In stark contrast to last year's flamboyant event, which saw major product launches, this year's conference focused more on incremental improvements, highlighting how OpenAI aims to deepen its partnerships with developers rather than solely compete in the consumer space.

Here’s what’s new:

Prompt Caching in the API 💾 This feature helps you save on costs by offering automatic discounts on inputs that the model has recently seen. If you’re running repetitive queries, this will help you pay less for API usage!

Model Distillation in the API 🔍 Now, you can fine-tune a cost-efficient model using outputs from a larger model—all within the OpenAI platform. Train smaller models without sacrificing too much performance and keep those operations costs low!

Introducing the Realtime API 🗣️ Developers can build fast speech-to-speech experiences directly into their applications. Real-time communication just got a major upgrade, whether you’re building voice assistants or translation tools. Unfortunately, there is a drawback with this feature, as server will need to have WebSocket support for it to function, and most hosting providers don't offer this right now. However, there will be many which add support for this soon, I am sure!

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#promptcaching #modeldistillation #realtimeapi #openairealtimeapi ... https://www.youtube.com/watch?v=i53gpiiDEbU