OpenAI's GPT-5 and Meta's Llama-3 AI chatbots are slated for release by summer 2024.

GPT-5 promises advancements in language translation, reasoning, emotional intelligence, IoT and Industry 5.0 compatibility.

Enhanced security, fairness, and inclusion are key improvements in GPT-5.

Llama-3 is set to exceed its predecessor with 400 billion parameters, handling text, images, and video.

These chatbots are anticipated to be transformative for human-machine interaction and have global industry implications.