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what does the first L mean in LLM?

Fwiw people have told me that GPT2 doesn’t qualify as an LLM at 550MB despite being one of the first LLMs.

So the practical answer to your question is: not much.

I don't think some people are aware that "large" has always referred to the training inputs not resulting the size of the model.

LLM is not "we made a language model and it is big" -- it's "we trained this model on a lot of language"

Not aware of that etymology

it stands for Lets-not-be-sarcastic :)