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Extensive overview of the Multimodal AI landscape as of late 2025, defining this period as the transition from older Large Language Models (LLMs) to Native Multimodal Intelligence. The report details key architectural shifts, moving from "late fusion" to more efficient "early fusion" models like Meta’s Llama 4 and Google’s Gemini 3, which process diverse inputs (text, audio, vision) simultaneously. The competitive environment is characterized by a "Big Three" dominance—Google, OpenAI, and Meta—who are competing on complex reasoning and agentic capabilities, as evidenced by new benchmarks that have replaced saturated general knowledge tests. Furthermore, the analysis covers the rapid growth of generative media, particularly advanced video and audio generation, alongside the critical challenges posed by escalating copyright litigation and global regulation like the EU AI Act.