Introduction

ChatGPT is a state-of-the-art language model developed by OpenAI that can generate human-like text. Microsoft reportedly is investing an additional $10 billion into the company, but in our view, while the hype around ChatGPT is justified, we don't believe OpenAI will lock up the market with its first mover advantage. We believe that success in this market will be directly proportional to the quality and quantity of data that a technology company has at its disposal and the compute power that it can deploy to run its system.