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In this video tutorial, the YouTuber discusses a model called Li LT model, which is a language independent layout transform model used to extract information from PDF and image documents. The model can be fine-tuned on annotated data sets. There have been advancements in the document AI industry with the development of various models like layout LM models, including versions one, two, and three. These models help extract entities and information from structured documents like PDFs and finance documents.