GPT 3.5 does not have a traditional "memory" in the sense of retaining all information from previous conversations. It can process up to 4097 tokens (each capable of holding around 4 characters including spaces) in a single request, which includes both input prompts and model output. When the total number of tokens remains under this limit, GPT 3.5 can appear to "remember" past exchanges. However, if the total number of tokens exceeds 4097, GPT 3.5 will not retain any information from earlier conversations.