ChatGPT becomes a Platform[Finance Fridays]
Why everyone is losing their minds over ChatGPT plugins
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ChatGPT has enabled plugins and it seems like the world is losing its minds.
From comparisons to the first time Apple launched the app store, to claims that this new feature allows ChatGPT to access internet data and not worry about delusions, every 10x productivity LinkedIn influencer has something to say about this new development. In this post, I will go over what exactly happened, why this actually matters, and how you can use it to your advantage.
ChatGPT and plugins
What happened- OpenAI has added new functionality to ChatGPT that will allow it to be integrated with the internet, through plugins. To quote OpenAI, “Plugins are tools designed specifically for language models with safety as a core principle, and help ChatGPT access up-to-date information, run computations, or use third-party services.”
Why this matters- Many people have compared this to Apple launching the app store. And this is actually not too far off. This move turns ChatGPT from a product to a platform (while still retaining its product capabilities). This is a big game-changer. If you read my piece on Why the Metaverse is a good business move, this should make sense to you. As a refresher, turning into a platform allows ChatGPT multiple benefits- 1) It makes developers come to it, increasing the pull of the platform, 2) It gives ChatGPT access to a lot more data than ever before, 3) It gives it a huge edge from competing Large Language Models since it can be customized much better.
Plugins and Lies- Many people have been making the claim that this will allow ChatGPT to combat its notorious hallucination problem since it can access the internet now. I’m not too sold on it. ChatGPT making things up was not a result of a lack of data. There are fundamental design issues with ChatGPT (and other Language Models), that having updated information will not solve. If you want to learn more about this, check out my post on Why ChatGPT Lies on my second publication- AI Made Simple over here. That covers the reasons ChatGPT lies in more detail.
How to benefit from this- Don’t worry, I won’t tell you to build plugins (although you could go that route if it interests you). Or get into AI (unless it’s your jam). These two fields will generate a lot of attention in there, so the competition will be fierce. There is a third avenue that you can benefit from, that won’t get as much attention. Almost 2 years ago, I made a video on how you can make a lot of money by becoming someone that sells Data. This was before everyone was throwing around the Buzzword Data-driven AI (a very obvious concept when you actually think about it). With this ChatGPT development, the practice of selling data has become more potent. If you can learn to extract and build datasets, then your skills will become very valuable to organizations looking to integrate ChatGPT-like interfaces with their own data. Learn to scrape the web, look into feature engineering, and compile information. It will serve you well.
This is one of the few developments that merit the hype that it is generating. I don’t think this solves many of the fundamental issues with ChatGPT, but it does give it a viable path forward in terms of what’s next.
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