Floating point computing has dominated scientific computations since the 1950s because of its versatile ability to approximate real numbers with both sufficiently high precision and sufficiently great range. Since 1985, two specific formats have become standard across the industry, one with 32 bits which is adequate for many purposes and one with 64 bits which allows numbers with both much higher precision and much greater range for applications where these are needed. However, during the past decade, deep learning has come to dominate computation, and narrower floating point formats with lower precision and reduced range have steadily become more common. In this article we discuss this phenomenon, why it is happening, how various 16-bit, 8-bit and even 4-bit floating point formats have been developed, and efforts to standardize these formats.

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