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In this video tutorial, the focus is on fine-tuning the GPT-2 model using Chapter 1 of Harry Potter as the novel text data. The data provided for fine-tuning is shown, although it may not be sufficient for the GPT-2 model. The key steps involve setting up the TensorFlow version, installing GPT-2, and importing it as GPT2. Additionally, connecting to a GPU runtime is recommended for better performance. The process involves running cells to set up the model and download it for fine-tuning.