OpenAI rival Anthropic releases most powerful AI model yet

Anthropic has banked five funding deals worth more than $7.3bn in the past year.

Kurt Robson June 21 2024

OpenAI competitor Anthropic announced its most powerful AI model yet, Claude 3.5 Sonnet, on Thursday (20 June).

Claude gained popularity in 2023 following the release of OpenAI’s ChatGPT. 

The company has grown as a substantial rival to OpenAI, banking five funding deals worth more than $7.3bn in the past year. Anthropic’s backers include Salesforce, Amazon and Google.

“It shows marked improvement in grasping nuance, humour, and complex instructions, and is exceptional at writing high-quality content with a natural, relatable tone,” the company wrote in a blog post. 

The AI model can also independently write, edit and execute code with “sophisticated reasoning and troubleshooting capabilities”.

Like ChatGPT, Claude 3.5 Sonnet is free on the company’s website and its iPhone app. 

The AI company offers a paid subscription of the model, Claude Pro, and an enterprise subscription. 

Anthropic said the new model also accurately transcribes text from imperfect images, which it says is a core capability for retail, logistics and financial services, “where AI may glean more insights from an image, graphic or illustration than from text alone”.

GlobalData forecasts that the overall AI market will be worth $909bn by 2030, having grown at a compound annual growth rate (CAGR) of 35% between 2022 and 2030.

In the GenAI space, revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027, a CAGR of 80%.

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