The field of Artificial Intelligence (AI) and Machine Learning (ML) is rapidly evolving, with foundation models playing a crucial role in transforming various sectors of society. These models serve as the backbone of AI applications, providing a basis for tasks such as text generation, image processing, and video generation. Academia has taken an important role in researching foundation models responsibly, advancing their capabilities through technical innovations, applications, and social responsibility. Researchers have developed new techniques to improve data selection, model architectures, optimization, and alignment, leading to significant speedups in training the models. Foundation models are being applied to domains such as law, healthcare, and robotics, where they can make a significant impact. However, their societal implications require careful consideration, including copyright, privacy, and watermarking. It is essential for organizations involved in AI development to prioritize transparency and responsible practices to ensure the responsible use of foundation models and unlock their full potential.