In a nutshell, CLIP is a multimodal model that combines knowledge of English-language concepts with semantic knowledge of images.
It can just as easily distinguish between an image of a "cat" and a "dog" as it can between "an illustration of Deadpool pretending to be a bunny rabbit " and "an underwater scene in the style of Vincent Van Gogh " (even though it has definitely never seen those things in its training data). This is because of its generalized knowledge of what those English phrases mean and what those pixels represent.
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