Innovative AI Models: Microsoft Build 2024 introduces the Phi-3 family of small, open models, including the new multimodal Phi-3-vision, which combines language and vision capabilities. These models are designed for generative AI applications, offering strong reasoning with limited compute and latency. They are optimized for various hardware and are available on Azure AI and Hugging Face. Developers can use these models for tasks like content authoring, summarization, and question-answering, as well as reasoning over images and text.