PYMNTS.com November 8, 2024
Artificial intelligence (AI) models could soon become more expensive, forcing businesses to reassess their AI investment strategies.
Anthropic’s latest AI model costs four times more than before but outperforms its previous top model. The new Claude 3.5 Haiku charges $1 to process a million tokens of input and $5 to generate a million tokens of output. Experts say the escalating costs of high-performance AI models can pose significant challenges for small- to medium-sized businesses (SMBs).
“Developing custom AI solutions can be expensive, with costs ranging from $20,000 to over $500,000, depending on complexity,” Niv Hertz, director of AI at Aporia, told PYMNTS. “This financial barrier may limit SMBs’ ability to adopt advanced AI technologies, potentially widening the competitive gap between...
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