What does GPT-3 mean for AI?

The biggest AI news of 2020 so far is the success of OpenAI's monstrous new language model, GPT-3. In this post, I'm going to quickly summarize why GPT-3 has caused such a splash, before highlighting 3 consequences for individuals and companies building things with AI. Why are people excited about GPT-3? There are already lots of summary posts about GPT-3, so I won't rehash them here. For a great introduction to how the model works, check out this visual guide from the (reliably excellent) Jay Alammar.