OpenAI cuts GPT-4o prices and quadruples output tokens

OpenAI has reduced prices for its GPT-4o language model just weeks after its release. By upgrading to the new gpt-4o-2024-08-06 version, developers can save 50% on input tokens ($2.50 per million tokens) and 33% on output tokens ($10.00 per million tokens) compared to gpt-4o-2024-05-13. GPT-4o was already relatively affordable, but this price cut likely responds to growing competition in large language models. The new model also supports 16,384 output tokens, up from the original GPT-4o's 4,096, while maintaining similar performance. All GPT-4o models are up-to-date through October 2023.