AI Playground by Vercel Labs is a web-based tool that allows users to compare, tune, and play with the latest AI language models. The tool provides users with access to various prominent language models from providers like OpenAI, HuggingFace, and Cohere.

The models available on the platform include both small scale and larger-scale models, ranging from OpenAI's GPT-3 to HuggingFace's Flan-t5-xxl. Users can experiment with different models by entering text into the provided text box and observing the response generated by the model.

Additionally, users can fine-tune these models by adjusting the parameters for the model and observing changes in the model's response. The tool also allows users to compare the results generated by different models with each other, which can help in selecting the most appropriate model for particular use cases.