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This video discusses the top three fine-tuned T5 models available on Hugging Face's model hub. T5 is a text-to-text transformer model that generates text based on input. Hugging Face allows users to download and fine-tune T5 models for various tasks like translation and summarization. People have fine-tuned these models for tasks like grammar correction. The video covers three models: one for paraphrasing text, one for text generation with keywords, and one for grammar correction.