Microsoft introduces cost-effective Phi-3-Mini language model series

Microsoft introduces Phi-3-Mini, the first in a series of small language models. Phi-3 models are cost-effective and outperform larger models in various benchmarks. Phi-3-Mini has 3.8 billion parameters compared to ChatGPT's trillion. It was trained on a dataset of 3.3 trillion tokens. These models may enable local use on devices like smartphones. The affordability of Phi-3 models could democratize AI access for small businesses.