OpenAI has recently introduced a new generative AI model named GPT-4o mini, which launched on July 18, 2024. This model is designed to be significantly more affordable, costing over 60% less than GPT-3.5 Turbo while delivering comparable performance. GPT-4o mini provides similar capabilities to its predecessor but currently supports text and vision, with plans to include audio and video in the future. Despite its reduced cost, the model reportedly performs well on academic benchmarks for both textual intelligence and multimodal reasoning. OpenAI has not detailed whether the cost savings are due to reduced energy consumption or other factors. The announcement of GPT-4o mini comes as OpenAI is also reportedly developing a new model named "Strawberry," which is expected to offer advanced reasoning capabilities, and faces potential scrutiny from the Securities and Exchange Commission related to its use of non-disclosure agreements.