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What does that do?

Maccy ( https://maccy.app/ ) is a clipboard manager for Mac and by Clicking ALT+M , it shows all the recent copied texts in a popup.

Is that Option-M?

I use external logitech keyboard, where it's Alt+M but yes, it's actually Command+M on Macbook

Aha! They make Logitech keyboards with Macintosh keys now btw.