At this point, ChatGPT has firmly established itself into the cultural zeitgeist. People are using it to perform tasks like writing research papers, completing math equations, and crafting code. It is at least a part (if not a frontrunner) of a recent wave of AI generators that can make whatever your heart desires when you input phrases and parameters into the prompt box provided by the app. But all of that may be put on pause as a research paper out of Stanford University and UC Berkeley is claiming that ChatGPT is degrading in accuracy.

The release of the advanced chatbot ChatGPT in 2022 got everyone talking about artificial intelligence (AI). Its sophisticated capabilities amplified concerns about AI becoming so advanced that soon we would not be able to control it. This even led some experts and industry leaders to warn that the technology could lead to human extinction.

So, is it just a glorified autocomplete or the most significant development in human history since the release of the graphical user interface or the iPhone? The inaugural Generative AI Summit 2023 held in Sydney last month heard from different points of view on business uptake including input from entities such as NAB, Optus and the Australian Stock Exchange (ASX).