What is Falcon-7B Instruct? Is it a better alternative to GPT-3?

Falcon-7B Instruct is an open-source alternative to GPT-3, developed by the Technology Innovation Institute (TII) in Abu Dhabi. It is a part of the Falcon family of language models that includes two base models - Falcon-40B and Falcon-7B. The Falcon-7B Instruct model has been fine-tuned on instructions and conversational data, making it particularly suitable for assistant-style tasks. Compared to GPT-3, Falcon-7B Instruct requires less GPU memory and compute at inference time, making it more accessible on consumer hardware. Additionally, TII's release of the RefinedWeb extract and the availability of instruct versions provide opportunities for customization and further experimentation. The model is now available on Monster API at an affordable rate, offering developers and businesses budget-friendly access to state-of-the-art AI capabilities.