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Fast GraphRAG: Fast adaptable RAG and a cheaper cost

## Unlocking the Power of Fast GraphRAG: A Beginner’s Guide

Feeling overwhelmed by information overload? Drowning in a sea of search results? Fear not! Fast GraphRAG is here to revolutionize your information retrieval process.

This innovative tool utilizes graph-based techniques to understand connections between data points, leading to faster and more accurate searches. Imagine a labyrinthine library – traditional methods wander aimlessly, while Fast GraphRAG navigates with ease, connecting the dots and finding the precise information you need.

Intrigued? This comprehensive guide delves into everything Fast GraphRAG, from its core functionalities to its user-friendly installation process. Even a curious 12-year-old can grasp its potential!

Ready to dive in? Keep reading to unlock the power of intelligent information retrieval!

Unlocking the Potential of Fast GraphRAG: A Beginner’s Guide

In today’s world, where information is abundant, retrieving the right data quickly and accurately is crucial. Whether you’re a student doing homework or a professional undertaking a big research project, the ability to find and utilize information effectively can enhance productivity tremendously. One powerful tool designed to boost your information retrieval processes is Fast GraphRAG (Rapid Adaptive Graph Retrieval Augmentation). In this comprehensive guide, we’ll explore everything you need to know about Fast GraphRAG, from installation to functionality, ensuring an understanding suitable even for a 12-year-old!

Table of Contents

  1. What is Fast GraphRAG?
  2. Why Use Graph-Based Retrieval?
  3. How Fast GraphRAG Works
  4. Installing Fast GraphRAG
  5. Exploring the Project Structure
  6. Community and Contributions
  7. Graph-based Retrieval Improvements
  8. Using Fast GraphRAG: A Simple Example
  9. Conclusion

What is Fast GraphRAG ?

It is a tool that helps improve how computers retrieve information. It uses graph-based techniques to do this, which means it sees information as a network of interconnected points (or nodes). This adaptability makes it suitable for various tasks, regardless of the type of data you’re dealing with or how complicated your search queries are.

Key Features

  • Adaptability: It changes according to different use cases.
  • Intelligent Retrieval: Combines different methods for a more effective search.
  • Type Safety: Ensures that the data remains consistent and accurate.

Why Use Graph-Based Retrieval?

Imagine you’re trying to find a friend at a massive amusement park. If you only have a map with rides, it could be challenging. But if you have a graph showing all the paths and locations, you can find the quickest route to meet your friend!

Graph-based retrieval works similarly. It can analyze relationships between different pieces of information and connect the dots logically, leading to quicker and more accurate searches.

How it Works

Fast GraphRAG operates by utilizing retrieval augmented generation (RAG) approaches. Here’s how it all plays out:

  1. Query Input: You provide a question or request for information.
  2. Graph Analysis: Fast GraphRAG analyzes the input and navigates through a web of related information points.
  3. Adaptive Processing: Depending on the types of data and the way your query is presented, it adjusts its strategy for the best results.
  4. Result Output: Finally, it delivers the relevant information in a comprehensible format.

For more information have a look at this video:

YouTube video player

This optimization cycle makes the search process efficient, ensuring you get exactly what you need!

Installation

Ready to dive into the world of GraphRAG ? Installing this tool is straightforward! You can choose one of two methods depending on your preference: using pip, a popular package manager, or building it from the source.

Option 1: Install with pip

Open your terminal (or command prompt) and run:

pip install fast-graphrag

Option 2: Build from Source

If you want to build it manually, follow these steps:

  1. Clone the repository:

    git clone https://github.com/circlemind-ai/fast-graphrag
  2. Navigate to the folder:

    cd fast-graphrag
  3. Install the required dependencies using Poetry:

    poetry install

Congratulations! You’ve installed Fast GraphRAG.

Exploring the Project Structure

Once installed, you’ll find several important files within the Fast GraphRAG repository:

  • pyproject.toml: This file contains all the necessary project metadata and a list of dependencies.
  • .gitignore: A helpful file that tells Git which files should be ignored in the project.
  • CONTRIBUTING.md: Here, you can find information on how to contribute to the project.
  • CODE_OF_CONDUCT.md: Sets community behavior expectations.

Understanding these files helps you feel more comfortable navigating and utilizing the tool!

Community and Contributions

Feeling inspired to contribute? The open source community thrives on participation! You can gain insights and assist in improving the tool by checking out the CONTRIBUTING.md file.

Additionally, there’s a Discord community where users can share experiences, ask for help, and discuss innovative uses of Fast GraphRAG. Connections made in communities often help broaden your understanding and skills!

Graph-based Retrieval Improvements

One exciting aspect of Fast GraphRAG is its graph-based retrieval improvements. It employs innovative techniques like PageRank-based graph exploration, which enhances the accuracy and reliability of finding information.

PageRank Concept

Imagine you’re a detective looking for the most popular rides at an amusement park. Instead of counting every person in line, you notice that some rides attract more visitors. The more people visit a ride, the more popular it must be. That’s the essence of PageRank—helping identify key information based on connections and popularity!

Using Fast GraphRAG: A Simple Example

Let’s create a simple code example to see it in action. For this demonstration, we will set up a basic retrieval system.

Step-by-Step Breakdown

  1. Importing Fast GraphRAG:
    First, we need to import the Fast GraphRAG package in our Python environment.

    from fast_graphrag import GraphRAG
  2. Creating a GraphRAG Instance:
    Create an instance of the GraphRAG class, which will manage our chart of information.

    graphrag = GraphRAG()
  3. Adding Information:
    Here, we can add some data to our graph. We’ll create a simple example with nodes and edges.

    graphrag.add_node("Python", {"info": "A programming language."})
    graphrag.add_node("Java", {"info": "Another programming language."})
    graphrag.add_edge("Python", "Java", {"relation": "compares with"})
  4. Searching:
    Finally, let’s search for related data regarding our "Python" node.

    results = graphrag.search("Python")
    print(results)

Conclusion of the Example

This little example illustrates the core capability of this AI GRAPHRAG framework in creating a manageable retrieval system based on nodes (information points) and edges (relationships). It demonstrates how easy it is to utilize the tool to get relevant insights!

Conclusion

Fast GraphRAG is a powerful and adaptable tool that enhances how we retrieve information using graph-based techniques. Through intelligent processing, it efficiently connects dots throughout vast data networks, ensuring you get the right results when you need them.

With a solid community supporting it and resources readily available, Fast GraphRAG holds great potential for developers and enthusiasts alike. So go ahead, explore its features, join the community, and harness the power of intelligent information retrieval!

References:

  • For further exploration of the functionality and to keep updated, visit the GitHub repository.
  • Find engaging discussions about Fast GraphRAG on platforms like Reddit.

By applying the power of Fast GraphRAG to your efforts, you’re sure to find information faster and more accurately than ever before!

References

  1. pyproject.toml – circlemind-ai/fast-graphrag – GitHub RAG that intelligently adapts to your use case, da…
  2. fast-graphrag/CODE_OF_CONDUCT.md at main – GitHub RAG that intelligently adapts to your use case, data, …
  3. Settings · Custom properties · circlemind-ai/fast-graphrag – GitHub GitHub is where people build software. More than 100 million peopl…
  4. Fast GraphRAG – 微软推出高效的知识图谱检索框架 – AI工具集 类型系统:框架具有完整的类型系统,支持类型安全的操作,确保数据的一致性和准确性。 Fast GraphRAG的项目地址. 项目官网…
  5. gitignore – circlemind-ai/fast-graphrag – GitHub RAG that intelligently adapts to your use case, data, a…
  6. CONTRIBUTING.md – circlemind-ai/fast-graphrag – GitHub Please report unacceptable behavior to . I Have a Question. First off, make…
  7. Fast GraphRAG:微软推出高效的知识图谱检索框架 – 稀土掘金 pip install fast-graphrag. 从源码安装 # 克隆仓库 git clone https://github….
  8. r/opensource – Reddit Check it out here on GitHub: · https://github.com/circlemi…
  9. Today’s Open Source (2024-11-04): CAS and ByteDance Jointly … Through PageRank-based graph exploration, it improves the accurac…
  10. GitHub 13. circlemind-ai/fast-graphrag ⭐ 221. RAG that intelligently adapts t…


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The Dollar Sign on AI: A Deep Dive

The financial impact of AI in the financial services industry is substantial.

AI is transforming this sector, driving increased profitability and efficiency. Companies leveraging AI report significant profit surges and improved operations. Additionally, generative AI promises to unlock new productivity waves, allowing for faster development and cost reduction.

AI offers a wide range of benefits across various areas: from investment management and risk analysis to customer service and financial planning. By analyzing vast datasets and providing accurate insights, AI empowers businesses to make informed decisions and enhance their competitive advantage.

While adoption is growing, some firms remain cautious due to concerns about data privacy, security, and job displacement. However, the future of AI in finance is promising, with companies recognizing its crucial role in remaining competitive.

In conclusion, AI is not just a trend but a necessity for financial institutions seeking to thrive. By embracing AI, companies can unlock its potential, drive profitability, and position themselves for success in the evolving financial landscape.

A Detailed Exploration of the Financial Aspect of AI Companies

Introduction

Artificial Intelligence (AI) is no longer just a futuristic concept; it is actively reshaping various industries, particularly financial services. This blog post aims to provide a comprehensive exploration of the financial implications of AI, analyzing key trends, statistics, and case studies that illustrate its economic impact on financial companies. By the end of this post, you will understand how AI is transforming the financial landscape and the opportunities and challenges it presents.


1. Overview of AI in Financial Services

The financial services sector is undergoing a significant transformation due to the integration of AI technologies. From automating routine tasks to enhancing decision-making processes, AI is proving to be a game-changer. Companies are increasingly recognizing the importance of AI in maintaining a competitive edge and driving profitability.


2. Key Trends and Insights

2.1 Growing Importance of AI

A recent survey conducted by NVIDIA revealed that 51% of participants in the financial industry strongly agree that AI is crucial for their company’s future success. This marks a 76% increase from the previous year, indicating a significant shift towards AI adoption in financial services (NVIDIA). Companies are beginning to realize that to survive and thrive, they must embrace AI technologies.

2.2 Profit Increases

The financial impact of AI is evident in corporate profits. A report from Vena Solutions noted that corporate profits surged by 45% between January and April 2023, largely due to increased interest in AI models (Vena Solutions). This statistic underlines the financial rewards that companies leveraging AI can reap. The integration of AI not only streamlines operations but also enhances revenue generation through better customer insights and operational efficiencies.

2.3 Generative AI’s Economic Potential

According to McKinsey, generative AI is poised to unleash a new wave of productivity across various sectors, including finance. This technology promises to drive efficiency and innovation in financial operations, allowing firms to develop new products and services more rapidly while reducing costs (McKinsey). The business value generated from generative AI is expected to be substantial, highlighting the need for financial institutions to invest in this area.

2.4 AI Applications in Financial Services

AI is making significant strides in several areas of financial services, including:

  • Investment Management: AI can analyze vast amounts of data to provide insights into market trends, helping investors make informed decisions.
  • Risk Analysis: AI algorithms can evaluate risks more accurately than traditional methods, providing better protection against potential losses.
  • Customer Service: AI-powered chatbots and virtual assistants enhance customer interactions, providing quick responses and personalized services.

For instance, AI can accurately estimate a client’s financial needs and investment strategies, leading to more informed decision-making (Cprime).

2.5 Adoption Challenges

Despite the benefits, some firms are cautious about AI implementation. Many market participants are adopting a measured approach, weighing the risks and opportunities associated with AI technology. Concerns about data privacy, security, and the potential for job displacement are leading to a more cautious adoption strategy (Deloitte). Companies need to develop robust frameworks to address these challenges while embracing AI.

2.6 Impact on Financial Planning

AI is revolutionizing financial planning by optimizing tax strategies and improving financial forecasting. Businesses and individuals can make better financial decisions based on data-driven insights, leading to enhanced financial health. Through predictive analytics, AI can help forecast future financial trends and guide strategic planning (Peter Dauvergne).

2.7 Competitive Advantage

Companies that effectively implement AI technology can gain a significant competitive edge. For instance, e-commerce firms using AI analytics can optimize their operations, enhance customer experiences, and improve their market position (FIU Business). This competitive advantage is crucial in a marketplace where agility and responsiveness are key to success.

2.8 Future Outlook

The AI landscape is rapidly evolving, and firms that incorporate AI into their operations will likely be more attractive to the next generation of finance professionals. According to Oracle, 83% of companies need to prioritize AI integration to remain competitive (Oracle). As AI technologies continue to advance, their integration into financial services will become even more critical.


3. Conclusion

The financial aspect of AI companies is multifaceted, encompassing increased profitability, the potential for productivity gains, and a transformative impact on financial operations and planning. As AI technology continues to evolve, its integration into the financial services sector will likely grow, offering both opportunities and challenges for companies looking to leverage its capabilities.

This exploration provides valuable insights into how AI is reshaping the financial landscape, presenting a compelling case for its continued investment and development within the industry. Companies that embrace AI will not only enhance their financial performance but also position themselves for future success in an increasingly competitive environment.

In conclusion, the integration of AI into financial services is not just a trend; it is a necessity for companies aiming to thrive in the modern economy. As we move forward, the financial sector’s ability to adapt and innovate with AI will be a key determinant of success, shaping the future of finance for years to come.

References

  1. Survey Reveals Financial Industry’s Top Trends for 2024 | NVIDIA Blog Fifty-one percent strongly agreed that AI would be important to their company’…
  2. 80 AI Statistics Shaping Business in 2024 – Vena Solutions Between January and April 2023, corporate profits increase…
  3. [PDF] Artificial intelligence in finance – The Alan Turing Institute A literature survey of AI and financial services canno…
  4. Insights into AI Applications in Financial Services and … – YouTube In general, market participants stated they are taking a measured approach…
  5. Economic potential of generative AI – McKinsey & Company Generative AI is poised to unleash the next wave of pro…
  6. Generative AI in the Finance Function of the Future | BCG For example, a traditional AI forecasting tool could produce forec…
  7. 7 Finance AI and Machine Learning Use Cases – Cprime Artificial intelligence in financial services makes a huge difference in inves…
  8. Generative AI in Finance: Use Cases & Real Examples It also leads to faster turnaround times, boosted performance acr…
  9. Top Artificial Intelligence Statistics and Facts for 2024 Top AI Statistics · 22% of firms are aggressively …
  10. Opportunities and Risks of Artificial Intelligence in Finance in Key growth areas include customer relationship and risk management. Ba…

Citations

  1. Exploring the Responsible Use of AI in Finance and Accounting – IFAC The discussion also highlighted a need to focus on augmenting the role of financ…
  2. Generative AI’s Impact in Finance | Deloitte US Software companies will likely play a critical rol…
  3. [PDF] Artificial Intelligence Index Report 2023 – Stanford University AI will continue to improve and, as such, become a greater part of all our …
  4. [PDF] pwc-ai-analysis-sizing-the-prize-report.pdf While there’s been a lot of research on the impact of automation,…
  5. The state of AI in 2023: Generative AI’s breakout year | McKinsey Less than a year after many of these tools debuted, one-third of our survey re…
  6. The Competitive Advantage of Using AI in Business For example, an e-commerce company can conduct a thorough analysis and disc…
  7. AI for financial planning: Use cases, benefits and development By leveraging this analysis, individuals and businesses can optimize t…
  8. The Business of Artificial Intelligence – Harvard Business Review Once AI-based systems surpass human performance at a given task, they are much l…
  9. What is AI in Finance | Oracle Companies that take their time incorporating AI also run the risk of becoming le…
  10. 100 Top AI Companies Trendsetting In 2024 – Datamation These AI companies are shaping the future of these div…

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AI Disruption: What Indian IT Workers Abroad Need to Know

In an era where Artificial Intelligence (AI) is reshaping industries, the Indian IT sector stands at a pivotal crossroads. With projections indicating that **30% of jobs** could be impacted, IT professionals must adapt or risk being left behind. However, this disruption isn’t just a threat; it’s a gateway to new opportunities, with an estimated **7.2 million new jobs** on the horizon by 2035. As Indian startups lead the charge in AI innovation, the need for reskilling and upskilling has never been more critical. Embrace the change, diversify your skills, and stay ahead of the curve. Discover how you can thrive in this AI-driven landscape and seize the opportunities that await!

AI Disruption: What Indian IT Workers Abroad Need to Know

2024-08-19 10:53:37 Monday

Introduction

Artificial Intelligence (AI) is rapidly transforming industries across the globe, and the Indian job market is no exception. With advancements in AI technologies, the landscape of employment is shifting, leading to both potential job losses and the creation of new opportunities. Estimates suggest that up to 5.4 million jobs in sectors such as IT, ITES, BPO, and software could be automated, raising concerns about the future of employment in these fields [^1]. However, this disruption also presents a silver lining: the emergence of new roles requiring specialized skills in AI and related technologies. Projections indicate that AI could generate approximately 7.2 million new jobs by 2035, suggesting a net positive effect on employment when considering the jobs created versus those lost [^2]. This evolving landscape underscores the critical need for reskilling and upskilling the existing workforce to ensure that Indian IT professionals can adapt and thrive in this new environment.

Impact of AI on the Indian Job Market

Job Displacement and Reskilling

  1. Job Displacement: According to Geeta Gopinath, an official from the International Monetary Fund (IMF), 30% of jobs in India could be affected by AI [^5]. This statistic highlights the potential for significant job displacement, particularly in roles that involve routine tasks that can be automated. The sectors most vulnerable to this disruption include customer service, data entry, and other administrative roles, where AI technologies such as chatbots and robotic process automation (RPA) can perform tasks more efficiently than human workers.

  2. Reskilling and Upskilling: The need for reskilling and upskilling is paramount, with estimates suggesting that over 16 million working employees in India will require new skills by 2027 to remain competitive in the job market [^1]. This reskilling effort must focus on equipping workers with the knowledge and expertise to work alongside AI technologies rather than being replaced by them. Skills in data analysis, machine learning, and AI programming will be essential for those looking to transition into new roles that AI creates.

  3. Industry-Specific Impacts: The impact of AI will vary across industries. Highly skilled sectors such as healthcare and finance are expected to experience significant changes. For instance, AI can enhance diagnostic accuracy in healthcare, leading to a demand for professionals who can interpret AI-generated insights. Similarly, in finance, AI is transforming risk assessment and fraud detection, necessitating a workforce that is proficient in both finance and technology [^2].

Steps for Adapting to AI

  1. Stay Updated: IT professionals must prioritize continuous learning to keep pace with the rapidly evolving technological landscape. This includes staying informed about the latest AI trends, tools, and methodologies relevant to their fields. Engaging with industry publications, attending webinars, and participating in professional networks can help workers stay ahead of the curve. Subscribing to newsletters, following thought leaders on social media, and joining relevant forums can provide insights into emerging technologies and best practices.

  2. Diversify Skills: To remain relevant, professionals should actively seek to diversify their skill sets. This could involve learning about AI-related technologies such as natural language processing, computer vision, and machine learning algorithms. By broadening their expertise, workers can position themselves as valuable assets to employers looking to implement AI solutions. Additionally, acquiring complementary skills in areas like project management, data visualization, and cybersecurity can enhance employability and adaptability.

  3. Seek Training: Numerous training programs and courses are available, both online and offline, that focus on AI and its applications. Platforms such as Coursera, Udacity, and edX offer specialized courses in AI, machine learning, and data science, enabling professionals to enhance their expertise and improve their employability [^3]. Many organizations also provide in-house training sessions, mentorship programs, and workshops that can facilitate hands-on learning and practical experience.

Role of Indian Startups in AI Innovation

Driving AI Innovation

  • Startup Ecosystem: Indian startups are playing a crucial role in driving AI innovation and disruption. The country has emerged as a global hub for technology startups, with a vibrant ecosystem that fosters creativity and entrepreneurship. Many startups are focusing on developing AI solutions that address specific challenges in various sectors, from healthcare to agriculture [^4]. This entrepreneurial spirit is essential for creating a diverse range of AI applications that can cater to both domestic and international markets.

  • Exponential Growth: The Indian startup ecosystem has witnessed exponential growth in recent years, with a surge in funding and investment in AI technologies. According to reports, the Indian AI market is expected to reach $17 billion by 2027, growing at a rate of 25-35% annually [^4]. This growth is not only creating new job opportunities but also positioning India as a key player in the global AI landscape. The influx of venture capital and government support has enabled many startups to innovate rapidly and scale their operations effectively.

  • Impact on Economy: The innovations driven by Indian startups could significantly impact the economy by creating new job opportunities and enhancing productivity across various sectors. As these startups scale their operations and develop new technologies, they contribute to economic growth and job creation, particularly in tech-driven industries [^4]. The rise of AI startups is also fostering a culture of collaboration and knowledge sharing, which can lead to further advancements in technology and business practices.

Examples of AI Startups

  • AI Fairness: Startups like Sama are working to make AI fairer and more beneficial for workers. Sama focuses on providing ethical AI solutions by ensuring that AI systems are trained on diverse datasets, thereby reducing bias and promoting fairness in AI applications [^4]. This commitment to ethical practices is crucial for building trust in AI technologies and ensuring that they serve all segments of society equitably.

  • AI in Healthcare: AI is being increasingly utilized in healthcare to improve services and patient outcomes. Startups like Niramai are using AI for early-stage breast cancer detection through thermal imaging, showcasing how technology can enhance diagnostic capabilities and save lives [^4]. Such innovations not only improve patient care but also reduce healthcare costs and increase access to critical services.

  • AI in Finance: The finance sector is undergoing a transformation due to AI, with startups automating tasks and enhancing decision-making processes. Companies like ZestMoney are using AI to provide credit scoring and lending solutions, making financial services more accessible to underserved populations [^4]. By leveraging AI, these startups can analyze vast amounts of data quickly and accurately, allowing them to offer personalized financial products that meet the needs of diverse customers.

Strategies for Reskilling and Upskilling

Reskilling Initiatives

  • Corporate Training: Many companies are recognizing the importance of reskilling their workforce and are offering training programs tailored to the needs of their employees. These initiatives often focus on AI technologies, data analytics, and other relevant skills to prepare employees for future roles. By investing in employee development, organizations can enhance their workforce’s capabilities and ensure they remain competitive in the market.

  • Online Courses: Online learning platforms are providing a wealth of resources for professionals looking to enhance their skills. Courses in AI, machine learning, data science, and programming languages such as Python and R are widely available, allowing individuals to learn at their own pace and convenience. Additionally, many platforms offer certifications that can boost a professional’s resume and demonstrate their commitment to continuous learning [^3].

  • Government Initiatives: The Indian government has launched several initiatives aimed at supporting reskilling and upskilling efforts. Programs such as the National Artificial Intelligence Mission focus on fostering AI development and creating Centers of Excellence that can play a pivotal role in workforce training and innovation [^1]. These initiatives aim to equip the workforce with the necessary skills to thrive in an AI-driven economy.

Importance of Continuous Learning

  1. Lifelong Learning: Embracing lifelong learning is essential for IT professionals to stay relevant in an ever-changing job market. This mindset encourages individuals to seek out new knowledge and skills throughout their careers, ensuring they remain competitive. Engaging in professional development activities, such as attending workshops and conferences, can also provide valuable insights and networking opportunities.

  2. Networking: Building a professional network with peers in AI and related fields can provide valuable insights and opportunities for collaboration. Attending industry conferences, participating in online forums, and joining professional organizations can help individuals stay connected and informed about the latest developments in AI. Networking can also lead to mentorship opportunities, which can be instrumental in career growth.

  3. Experimentation: Gaining practical experience with new technologies and tools is crucial for understanding their applications. Professionals should actively seek opportunities to experiment with AI solutions, whether through personal projects, hackathons, or collaborations with startups. This hands-on experience can significantly enhance their skill set and employability, as it allows individuals to apply theoretical knowledge in real-world scenarios.

Conclusion

AI is transforming the Indian IT sector, posing both challenges and opportunities. By understanding the impact of AI, the role of Indian startups in AI innovation, and strategies for reskilling and upskilling, IT workers can adapt and thrive in this new landscape. Staying updated on industry trends, diversifying skills, and embracing continuous learning will be key to navigating this disruption successfully. As the workforce evolves, those who proactively engage with AI technologies will find themselves well-positioned to seize the opportunities that lie ahead.

References

[1]: India job scene sees early signs of disruption from AI
[2]: India Abroad on LinkedIn: 27% of jobs at risk from AI, finds report
[3]: How is India at the Forefront of AI Disruption? – Medium
[4]: The Indian Startup Making AI Fairer—While Helping the Poor | Time
[5]: 30% of India’s jobs at risk from AI, IMF official warns


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