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To animate bullet points in a PowerPoint slide, first, select the text you want to animate. Once selected, go to insert animation. If the animation option is grayed out, it means you haven't selected an area to animate, so go back to your slide and click on the area you want to animate. In the animations sidebar that pops up, choose your desired animation effect, such as fade in or fade out. This will create a transition between slides and animate the bullet points in the order you select.