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Generative AI, or “GenAI”, has become a popular topic of discussion among technology founders, investors, and regulators. Intel Capital, a leading deeptech investment fund, has been investing in AI for over a decade, including GenAI. The term GenAI is often used as a synonym for Artificial Intelligence (AI) or Large Language Models (LLM). Foundation Models (FM) are large AI models trained on a vast quantity of data at scale, and can be used for a wide range of downstream tasks. FMs can generate new data that can be used for various applications.