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In Blender 4.2 LTS and later, Blender has updated the for a new and improved Eevee rendering! Yay!
Follow these two simple steps for the new methods of doing ambient occlusion and bloom within Eevee ⬇️
In the Render Properties (camera icon) See Below
Turn on “Raytraciing”. Place a tick in the box.
Expand Fast GI Approximation. Set the Threshold to "1.000".
Although this is not technically “ambient occlusion”, it is the new method to get contact shadows with in Eevee and looks much better!
Switch to the “Compositing Tab”
Select “Use Nodes” at the top