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Large language models (LLMs), such as ChatGPT and GPT-4, are gaining wide-spread real world use. Yet, these LLMs are closed source, and little is known about their performance in real-world use cases. In this paper, we apply and evaluate the combination of ChatGPT and GPT-4 for the real-world task of mining insights from a text corpus in order to identify research challenges in the field of HCI. We extract 4,392 research challenges in over 100 topics from the 2023 CHI conference proceedings and visualize the research challenges for interactive exploration. We critically evaluate the LLMs on this practical task and conclude that the combination of ChatGPT and GPT-4 makes an excellent cost-efficient means for analyzing a text corpus at scale. Cost-efficiency is key for flexibly prototyping research ideas and analyzing text corpora from different perspectives, with implications for applying LLMs for mining insights …