Open AI announced Thursday the release of GPT-5, the latest and most-advanced iteration of its artificial intelligence technology, which will be free to users.

OpenAI launched its most advanced language model Thursday with the release of GPT-5, a flagship product the company says will enhance ChatGPT as it reportedly nears a $500 billion valuation and aims to stave off competitors in Google, Anthropic and more.

If you're wondering what all the hoopla is about, and what makes GPT-5 better, or different, than the company's previous AI models, here's a quick run down of some of the key new features and functionality.