On May 9, 2025, the US Copyright Office released a "pre-publication version" of Part 3 of its report on Copyright and Artificial Intelligence (the Report).1 This much-anticipated Report focuses on use of copyrighted works in the development of generative AI systems, and particularly (1) AI training-related activities that implicate copyrights, (2) the circumstances in which AI training may or may not qualify as fair use, and (3) licensing of copyrighted works for AI training.