For me the promise of foundation models for tabular data is that there are enough generalizable patterns, so that you need less manual feature engineering and data cleaning.
And kudos to the team, I think it's a really creative application of neural networks. I was always frustrated with neural networks, since they were hard to tune on "structured" data and always under-performed (for me), but we also never had real foundational models for structured data.
So that means that automatic embedding/semantic meaning is reserved for API use of TabPFN, right? Otherwise, if I use it locally, it's going to assign each of my distinct text values an arbitrary int, right?