Inclusion Criteria:  Documented confirmation of acute myeloid leukemia (AML) according to the World Health Organization (WHO) criteria, previously untreated [OR] Documented diagnosis of previously untreated de novo myelodysplastic syndrome (MDS) according to the 2017 WHO classification with presence of < 20% bone marrow blasts per marrow biopsy/aspirate.  Participants with documented MDS must meet the following disease activity criteria:  Overall revised international prognostic scoring system (IPSS-R) score > 3 (intermediate, high, or very high); Eastern cooperative oncology group (ECOG) performance status of 0 to 2; Hematopoietic stem cell transplant (HSCT) ineligible, or participant who chooses not to undergo HSCT.  Participants with documented AML with adverse cytogenetic and/or molecular risk, and must be considered ineligible for induction therapy defined by the following:  >= 75 years of age; [OR]  >= 18 to 74 years of age with at least one of the following comorbidities:  Eastern cooperative oncology group (ECOG) performance status of 2 to 3; Cardiac history of congestive heart failure requiring treatment or ejection fraction <= 50% or chronic stable angina; Diffusion capacity of lung (DLCO) <= 65% or forced expiratory volume during the first second (FEV1) <= 65%; Creatinine clearance >= 30 mL/min to < 45 mL/min; Moderate hepatic impairment with total bilirubin > 1.5 to <= 3.0 × upper limit of normal (ULN); Any other comorbidity that the physician judges to be incompatible with intensive chemotherapy or the participant declines to receive intensive chemotherapy.  Exclusion Criteria:  Participants with documented AML with acute promyelocytic leukemia and considered eligible for induction therapy.  Participant with documented AML having prior diagnosis of:  Chronic myeloid leukemia with or without BCR-ABL1 translocation and AML with BCR-ABL1 translocation; known active central nervous system involvement with AML.  Participants with documented MDS having prior diagnosis of:  Therapy-related MDS; MDS evolving from a pre-existing myeloproliferative neoplasm (MPN); MDS/MPN including chronic myelomonocytic leukemia, atypical chronic myeloid leukemia, juvenile myelomonocytic leukemia and unclassifiable MDS/MPN. History of allogeneic HSCT or solid organ transplantation. Previous exposure to azacitidine or venetoclax or anti-CD47 therapies.  History of an active malignancy within the past 2 years prior to Screening, with the exception of:  Adequately treated carcinoma in situ of the cervix uteri or carcinoma in situ of the breast; Adequately treated basal cell carcinoma or localized squamous cell carcinoma of the skin; Asymptomatic prostate cancer without known metastatic disease and with no requirement for therapy; Previous malignancy confined and surgically resected (or treated with other modalities) with curative intent. Conditions that could interfere with drug absorption including but not limited to short bowel syndrome.