ChatGPT and GPT-4 refer to Generative AI models offered by OpenAI. These models are primarily general purpose models trained on a wide variety of datasets for creative outputs and text-to-text content transformation tasks (summarizing, transforming, rewriting).
When used for traditional, precision-demanding NLP tasks like Text Classification or Entity Extraction, Generative AI models exhibit severe limitations. They are not efficient in large datasets, can produce unreliable (unpredictable) and non-replicable results (output differs even if data doesn’t change), and are significantly slower. In entity recognition comparisons, ChatGPT recognized significantly fewer entities than purpose-built cloud APIs.