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The differnt tools that would be loaded would really depend on what machine you have it on. For example, if it was a lathe, it could have a drill bit, cutting tool, boring head. On a mill it may have end mills, drill, fly cutter, etc.
The idea is to save time. When I use my Bridgeport Clone at home, I dread changing tools. I try to do every operation possible before changing. Then I finally change.
If you have your machine set up right, it will change tools on the fly and also know right where it is at.
Have a good one, Ivan
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