AI is undergoing a paradigm shift with the rise of models (e.g., BERT, DALL-E, GPT-3) that are trained on broad data at scale and are adaptable to a wide range of downstream tasks. We call these models foundation models to underscore their critically central yet incomplete character. This report provides a thorough account of the opportunities and risks of foundation models, ranging from their capabilities (e.g., language, vision, robotics, reasoning, human interaction) and technical principles (e.g., model architectures, training procedures, data, systems, security, evaluation, theory) to their applications (e.g., law, healthcare, education) and societal impact (e.g., inequity, misuse, economic and environmental impact, legal and ethical considerations). Though foundation models are based on standard deep learning and transfer learning, their scale results in new emergent capabilities, and their effectiveness across so many tasks incentivizes homogenization. Homogenization provides powerful leverage but demands caution, as the defects of the foundation model are inherited by all the adapted models downstream. Despite the impending widespread deployment of foundation models, we currently lack a clear understanding of how they work, when they fail, and what they are even capable of due to their emergent properties. To tackle these questions, we believe much of the critical research on foundation models will require deep interdisciplinary collaboration commensurate with their fundamentally sociotechnical nature.

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The application of deep learning (DL) models to neuroimaging data poses several challenges, due to the high dimensionality, low sample size and complex temporo-spatial dependency structure of these datasets. Even further, DL models act as as black-box models, impeding insight into the association of cognitive state and brain activity. To approach these challenges, we introduce the DeepLight framework, which utilizes long short-term memory (LSTM) based DL models to analyze whole-brain functional Magnetic Resonance Imaging (fMRI) data. To decode a cognitive state (e.g., seeing the image of a house), DeepLight separates the fMRI volume into a sequence of axial brain slices, which is then sequentially processed by an LSTM. To maintain interpretability, DeepLight adapts the layer-wise relevance propagation (LRP) technique. Thereby, decomposing its decoding decision into the contributions of the single input voxels to this decision. Importantly, the decomposition is performed on the level of single fMRI volumes, enabling DeepLight to study the associations between cognitive state and brain activity on several levels of data granularity, from the level of the group down to the level of single time points. To demonstrate the versatility of DeepLight, we apply it to a large fMRI dataset of the Human Connectome Project. We show that DeepLight outperforms conventional approaches of uniand multivariate fMRI analysis in decoding the cognitive states and in identifying the physiologically appropriate brain regions associated with these states. We further demonstrate DeepLight's ability to study the fine-grained temporo-spatial variability of brain activity over sequences of single fMRI samples.