"Specifically, GPTQ can quantize GPT models with 175 billion parameters in approximately four GPU hours, reducing the bitwidth down to 3 or 4 bits per weight, with negligible accuracy degradation relative to the uncompressed baseline."
This would be 175 billion 3 bit weights instead of 175 billion 16 (or 32!) bit weights. It massively reduces the size of the model. It makes loading it in ram on consumer computers feasible. The number of parameters stays the same.