ChatGPT is an AI assistant created by OpenAI to have natural conversations. It was trained on a large text dataset to recognize patterns and generate responses in different styles. Since its release, ChatGPT has gained over 1 million users in its first week and demonstrated abilities like answering follow-up questions, admitting mistakes, and rejecting inappropriate requests. While ChatGPT shows promise for more human-like conversations, experts note it still has limitations like potential for incorrect answers and bias issues due to limitations in its training data.