GI stand for in the context of graphics technology?

otherwise known as baked SSAO (screen-space ambient occlusion)

Not exactly. Global illumination is done with working out how light bounces around and lights areas with no direct light.

screen space ambient occlusion is a form of ambient occlusion (the subtle shadows where objects touch) but only done at the end of rendering so it can be dynamic and update on the fly relatively cheaply. As opposed to normal ambient occlusion that is baked into textures.
 
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