Understanding the LLM Economics: The $360k Question - Lecture

Explore the economics of Large Language Models (LLMs) in production through this insightful conference talk from the LLMs in Production Conference. Dive deep into the costs involved in building LLM-based applications, comparing expenses for RAG versus fine-tuning approaches and open-source versus commercial LLMs. Discover eye-opening examples, such as the $360,000 price tag for summarizing Wikipedia using GPT-4's 8k context window. Gain valuable insights into optimizing LLM costs, understanding the trade-offs between different approaches, and learn strategies for maintaining cost-effectiveness as LLM applications move beyond the honeymoon phase into practical realities of production environments.