OpenAI on Monday unveiled GPT-4 Turbo, an improved version of its flagship text-generating AI model, GPT-4, at its first-ever developer conference held in San Francisco, U.S. state of California.

"We released the first version of GPT-4 in March and made GPT-4 generally available to all developers in July. Today we're launching a preview of the next generation of this model, GPT-4 Turbo," the company said.

GPT-4 Turbo comes in two versions, a strictly text-analyzing one and a version that understands the context of both text and images, both generally available "in the coming weeks," according to OpenAI.

"We optimized performance so we're able to offer GPT-4 Turbo at a 3x cheaper price for input tokens and a 2x cheaper price for output tokens compared to GPT-4," OpenAI wrote in a blog post.

GPT-4 was trained on web data up to September 2021, but GPT-4 Turbo's knowledge cut-off is April 2023. It has a 128k context window so it can fit the equivalent of more than 300 pages of text in a single prompt, the company said.

The one-day event brought hundreds of developers from around the world together with the team at OpenAI to preview new tools and exchange ideas. In-person attendees would also be able to join breakout sessions led by members of OpenAI's technical staff.

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