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Microsoft’s PowerToys Command Palette is a new utility designed to replace PowerToys Run, offering a fast and customizable way to quickly access frequently used commands, applications, and tools. Activated by pressing Win+Alt+Space, it allows users to search for files, run commands (like launching Command Prompt), switch between windows, perform calculations, and add web page bookmarks. The settings page provides options to customize the shortcut, highlight the previous search, and control how list items are activated.