The idea of GPT-5 is not yet concrete. They have to figure out a lot of things before training GPT-5.

There are difficult scientific issues and there are many more tasks the model is expected to execute. GPT-5, therefore, may require more compute power.

GPT-3 was good at writing text. GPT-3.5 was good at 5-8 tasks. GPT-4 is good at dozens of tasks. GPT-5 will be good at most things one might want it to do.

Maybe, the current AI will be antiquated by 2024. It is a way to provoke the next innovation round. It is rumored that the first version of GPT-5 we might get in 2024.

OpenAI knows that competitors will have to work hard to match the success of ChatGPT and API services. What they propose to build may change the digital eco-system. It is rumored that multi-modal Gobi model could be GPT-5. GPT would have a self-correction capability and a small degree of self-awareness. It could align with the regulatory plans of the government.

Google too is expected to put Gemini which is comparable to GPT-4, but is more updated. GPT-5 may compete with Gemini.

Altman, however, declares GPT-5 is yet far away. It is not ready for training. It is a work-in-progress.

Bill Gates does not expect GPT-5 to be far more superior to GPT-4.