OpenAI has announced updated gpt-4 and gpt-3.5-turbo. It now includes

new function calling capability in the Chat Completions API

updated and more steerable versions of gpt-4 and gpt-3.5-turbo

new 16k context version of gpt-3.5-turbo (vs the standard 4k version)

% cost reduction on our state-of-the-art embeddings model

25% cost reduction on input tokens for gpt-3.5-turbo

announcing the deprecation timeline for the gpt-3.5-turbo-0301 and gpt-4-0314 models

[openai.com...]