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ELMo ("Embeddings from Language Model") is a word embedding method for representing a sequence of words as a corresponding sequence of vectors. Character-level tokens are taken as the inputs to a bi-directional LSTM which produces word-level embeddings. Like BERT (but unlike the word embeddings produced by "Bag of Words" approaches, and earlier vector approaches such as Word2Vec and GloVe), ELMo embeddings are context-sensitive, producing different representations for words that share the same spelling but have different meanings (homonyms) such as "bank" in "river bank" and "bank balance".
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