The Growth of Large Language Models and Generative AI

Large language models (LLMs) are pre-trained on vast datasets and utilize natural language processing (NLP) to perform various linguistic tasks such as text generation, code completion, paraphrasing, and more.

Capabilities of Large Language Models

  1. Text Generation: LLMs can produce coherent and contextually relevant text on a given topic, which is useful for applications ranging from article writing to chatbot interactions.
  2. Code Completion: They can assist in software development by automatically completing code or suggesting improvements, enhancing developer productivity.
  3. Paraphrasing: LLMs can rephrase text, summarize content, or provide explanations, making information more accessible.

Rapid Adoption of Generative AI

The first version of ChatGPT significantly contributed to the innovations in large language models and the rapid adoption of generative AI. These advancements have driven the overall growth of the industry. Generative AI has been swiftly integrated across various sectors, leading to more efficient business processes.

Use of Generative AI by Fortune 500 Companies

92% of Fortune 500 companies have started incorporating generative AI into their workflows. This adoption has led to increased operational efficiency, improved customer service, and accelerated innovation processes within these organizations.

Growth Projections for the Large Language Model Market

As the adoption of generative AI continues to rise, the LLM industry is expected to grow rapidly. The global market for large language models is projected to increase from $6.5 billion in 2024 to $140.8 billion by 2033. This growth reflects the expanding potential and application areas of these technologies.

With that, here is a list of the top 20 LLMs available in June 2024.

LLM NameDeveloperRelease DateAccessParameters
GPT-4oOpenAIMay 13, 2024API1.76 trillion (George Hotz) - appr 280 billion active
Claude 3AnthropicMarch 14, 2024APIover 137 billion
Grok-1xAINovember 4, 2023Open-Source314 billion
Mistral 7BMistral AISeptember 27, 2023Open-Source7.3 billion
PaLM 2GoogleMay 10, 2023Open-Source340 billion
Falcon 180BTechnology Innovation InstituteSeptember 6, 2023Open-Source180 billion
Stable LM 2Stability AIJanuary 19, 2024Open-Source1.6 billion, 12 billion
Gemini 1.5Google DeepMindFebruary 2nd, 2024APIUnknown
Llama 3Meta AIApril 18, 2024Open-Source8 billion, 70 billion
Mixtral 8x22BMistral AIApril 10, 2024Open-Source141 billion
Inflection-2.5Inflection AIMarch 10, 2024ProprietaryUnknown
JambaAI21 LabsMarch 29, 2024Open-Source52 billion
Command RCohereMarch 11, 2024Both35 billion
GemmaGoogle DeepMindFebruary 21, 2024Open-Source2 billion, 7 billion
Phi-3MicrosoftApril 23, 2024Both3.8 billion
XGen-7BSalesforceJuly 3, 2023Open-Source7 billion
DBRXDatabricks’ Mosaic MLMarch 27, 2024Open-Source132 billion
PythiaEleutherAIFebruary 13, 2023Open-Source70 million to 12 billion
SoraOpenAIFebruary 15, 2024 (announced)APIUnknown
Alpaca 7BStanford CRFMMarch 13, 2023Open-Source7 billion

Requirements for Running Advanced Language Models

To run advanced language models, you’ll need adequate disk space to save them and sufficient RAM to load them. Currently, the memory and disk requirements are the same. Here are the requirements for various models:

Model Original Size

Quantized Size (4-bit)

7B 13 GB 3.9 GB
13B  24 GB 7.8 GB
30B 60 GB 19.5 GB
65B  120 GB 38.5 GB

Running Models on CPU and GPU

  • LLaMA-65B: This model can run on a CPU with 128GB of RAM. However, it may not be efficient compared to using data center GPUs.
  • GPT-4: This model is significantly larger than LLaMA-65B and supports a 32K context window. Running GPT-4 inference requires a substantial amount of fast GPU memory and is not feasible on consumer hardware. The inference cost also increases quadratically with the input sequence length, making it more demanding.


Large language models and generative AI continue to revolutionize various sectors with their natural language processing capabilities. Innovations like ChatGPT have facilitated the rapid adoption of these technologies, contributing to the industry’s overall growth. The widespread use of these technologies by a significant portion of Fortune 500 companies highlights their importance and impact in the business world. The market for large language models is expected to grow significantly in the coming years, underscoring the vast potential of this technology.

Veriyaz offers you the opportunity to become part of this revolution by providing tools to interact with AI through APIs or open-source projects on your own servers. With Veriyaz’s AI assistant, you can realize countless innovative projects limited only by your imagination, harnessing the power of AI to explore limitless possibilities.


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