The text discusses a real-time summarization feature in Zoom that uses AI to assist with note-taking and action item tracking during video meetings. The author created an application using the Daily API and OpenAI to build a live AI-powered meeting assistant, which can provide a real-time summary of the meeting, pose custom prompts to the AI assistant, generate a clean transcript of the call, and generate real-time closed captions. The application is built with two core components: a server component that handles the backend logic and an AI assistant bot that joins the meeting and processes user input. The author provides a step-by-step guide on how to run the application locally and discusses considerations for production, including rate limiting and authorization.