Auto-GPT is an open-source Python project that leverages GPT-4's capabilities by enabling it to run iteratively and complete various tasks autonomously. It chains together "thoughts" and completes tasks or assignments without human intervention, using tools like a code executor, Google search API, calculator, and vector database integration for long-term memory. Auto-GPT can write code, execute Python scripts, conduct market research, and even order pizza. The project is currently in the experimental phase and should be used with caution.