OpenAI today released o3-mini, a new, more cost efficient model that's available for both ChatGPT and the OpenAI API starting today. OpenAI previewed o3-mini in December, but it is ready at a time when OpenAI is aiming to keep up with Chinese company DeepSeek. According to OpenAI, o3-mini "advances the boundaries" of what's possible with smaller, more efficient models. o3-mini is designed for STEM capabilities, and OpenAI says that it has particular strength in science, math, and coding. o3-mini is search capable, and it can locate up-to-date answers with links to relevant web sources. o3-mini is OpenAI's first small reasoning model that supports features like function calling, Structured Outputs, and deeloper messages. There are three reasoning effort options, including low,…