Text-davinci-003 is recognized as GPT 3.5 and is a variant of the GPT-3 model. While both Davinci and text-davinci-003 are powerful models, they differ in a few key ways. Text-davinci-003 is a newer and more capable model explicitly designed for instruction-following tasks. Text-davinci-003 was trained on a more recent dataset containing data up to June 2021. It can do any language task with better quality, longer output, and consistent instruction-following than the Curie, Babbage, or Ada models. Text-davinci-003 supports a longer context window (max prompt plus completion length) than Davinci.

For those requesting the OpenAI’s API, GPT-3.5-turbo may be a better choice for tasks that require high accuracy in math or zero-shot classification and sentiment analysis than text-davinci-003. To note, GPT-3.5-turbo performs at a similar capability to text-davinci-003 but at 10 percent the price per token. OpenAI recommends GPT-3.5-turbo for most use cases.