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Turns out, they've moved it! Again!
It used to be in Render, then Animate, now in TOOLS... hmm..
In Max, animation previews are called "Previews"
Tools > Grab Viewport > Create Animated Sequence File > Make Preview
Choose your options for the size, compression, location, filename, etc.
Choose Output > AVI > Choose Codec..
Encoding is a bit tricky at the moment. No good codecs appear in my dropdown...
I'd probably go with Video 1 and crank it up.