The Latent Space Live conference at NeurIPS 2024 in Vancouver focused on the advancements and challenges in open AI models. Keynote speakers from the Allen Institute for AI and Mistral discussed the explosion of open models in 2024, highlighting new entrants like Google's Gemma and Cohere's Command R. The conference emphasized the importance of open models for research and innovation, despite challenges like regulatory debates and resource constraints. Open models allow for collaboration and building on existing innovations, crucial for advancing AI research. The introduction of the first open-source AI definition by the Open Source Initiative was a significant milestone, though it highlighted areas needing improvement, such as data accessibility. The conference also addressed the growing resource constraints and the need for more GPUs to advance AI research. The discussion included the importance of multilingual support in open models and the challenges posed by diminishing access to training data due to increased content blocking by websites. The event concluded with a call for better incentives to support open model development and the need for community collaboration to overcome legislative challenges.