Young Cha

Aaron Jaech, Adam Kalai, Adam Lerer et al. · openai

The o1 model series is trained with large-scale reinforcement learning to reason using chain of thought. These advanced reasoning capabilities provide new avenues for improving the safety and robustness of our models. In particular, our models can reason about our safety policies in context when responding to potentially unsafe prompts, through deliberative alignment. This leads to state-of-the-art performance on certain benchmarks for risks such as generating illicit advice, choosing stereotyped responses, and succumbing to known jailbreaks. Training models to incorporate a chain of thought before answering has the potential to unlock substantial benefits, while also increasing potential risks that stem from heightened intelligence. Our results underscore the need for building robust alignment methods, extensively stress-testing their efficacy, and maintaining meticulous risk management protocols. This report outlines the safety work carried out for the OpenAI o1 and OpenAI o1-mini models, including safety evaluations, external red teaming, and Preparedness Framework evaluations.

Aaditya Singh, Adam Fry, Adam Perelman et al. · berkeley, mila

This is the system card published alongside the OpenAI GPT-5 launch, August 2025. GPT-5 is a unified system with a smart and fast model that answers most questions, a deeper reasoning model for harder problems, and a real-time router that quickly decides which model to use based on conversation type, complexity, tool needs, and explicit intent (for example, if you say 'think hard about this' in the prompt). The router is continuously trained on real signals, including when users switch models, preference rates for responses, and measured correctness, improving over time. Once usage limits are reached, a mini version of each model handles remaining queries. This system card focuses primarily on gpt-5-thinking and gpt-5-main, while evaluations for other models are available in the appendix. The GPT-5 system not only outperforms previous models on benchmarks and answers questions more quickly, but -- more importantly -- is more useful for real-world queries. We've made significant advances in reducing hallucinations, improving instruction following, and minimizing sycophancy, and have leveled up GPT-5's performance in three of ChatGPT's most common uses: writing, coding, and health. All of the GPT-5 models additionally feature safe-completions, our latest approach to safety training to prevent disallowed content. Similarly to ChatGPT agent, we have decided to treat gpt-5-thinking as High capability in the Biological and Chemical domain under our Preparedness Framework, activating the associated safeguards. While we do not have definitive evidence that this model could meaningfully help a novice to create severe biological harm -- our defined threshold for High capability -- we have chosen to take a precautionary approach.

Chanyeol Choi, Yoon Kim, Yu Yu et al.

Natural language processing (NLP) has been widely used in quantitative finance, but traditional methods often struggle to capture rich narratives in corporate disclosures, leaving potentially informative signals under-explored. Large language models (LLMs) offer a promising alternative due to their ability to extract nuanced semantics. In this paper, we ask whether semantic signals extracted by LLMs from corporate disclosures predict alpha, defined as abnormal returns beyond broad market movements and common risk factors. We introduce a simple framework, LLM as extractor, embedding as ruler, which extracts context-aware, metric-focused textual spans and quantifies semantic changes across consecutive disclosure periods using embedding-based similarity. This allows us to measure the degree of metric shifting -- how much firms move away from previously emphasized metrics, referred as moving targets. In experiments with portfolio and cross-sectional regression tests against a recent NER-based baseline, our method achieves more than twice the risk-adjusted alpha and shows significantly stronger predictive power. Qualitative analysis suggests that these gains stem from preserving contextual qualifiers and filtering out non-metric terms that keyword-based approaches often miss.