Building a ChatGPT AI with JavaScript - An OpenAI Code-Along Guide - How Does NPM Run Dev Work in Next.js

The video tutorial provides an overview of a project structure in Visual Studio Code, focusing on the main files and folders, including node modules and Babel. It explains how to run a development server using the 'NPM run dev' command, which starts a local server on port 3000. The tutorial also covers the concept of Hot Module Replacement (HMR), which allows for real-time updates to the application without refreshing the browser. The video aims to familiarize viewers with the setup and running of a Next.js project.

Describe what happens when you run the command 'NPM run dev'.

What is HMR and how does it benefit the development process?