Bhāṣya
॥
In plain words
The sound A, A-kāra, folds into the sound U, U-kāra; U-kāra folds into the sound M, M-kāra; M-kāra folds into the syllable Oṃ, Oṃkāra—and Oṃ is nothing but I.
Close to the Sanskrit
A-kāra, the sound A, dissolves into U-kāra, the sound U; U-kāra dissolves into M-kāra, the sound M; M-kāra dissolves into Oṃkāra, the syllable Oṃ; and Oṃkāra is I alone.