Key Inclusion Criteria:

          -  Individuals with histological confirmation of AML by World Health Organization
             criteria, previously untreated for AML, and who have presence of at least 1 TP53 gene
             mutation that is not benign or likely benign based on evaluation by central laboratory
             (individuals with biallelic 17p deletions, loss of both 17p alleles, are eligible
             based on locally evaluated cytogenetics/karyotype/fluorescence in situ hybridization
             (FISH) report)

          -  Individuals with white blood cell (WBC) count ≤ 20×10^3/microliter (μL) prior to
             randomization. If the individual's WBC is > 20×10^3/μL prior to randomization, the
             individual can be enrolled, assuming all other eligibility criteria are met. However,
             the WBC should be ≤ 20×10^3/μL prior to the first dose of study treatment and prior to
             each magrolimab dose for Cycle 1 (if the individual is randomized to the experimental
             arm) Note: Individuals can be treated with hydroxyurea throughout the study or prior
             to randomization to reduce the WBC to ≤ 20×10^3/μL to enable eligibility for study
             drug dosing. Oral etoposide (up to 200 mg orally per day) may be given as an
             alternative to hydroxyurea for individuals who are intolerant to hydroxyurea or cannot
             achieve sufficient WBC lowering on hydroxyurea.

          -  The hemoglobin must be ≥ 9.5 grams per deciliter (g/dL) prior to initial dose of study
             treatment for individuals with prior cardiac history (eg, ischemic heart disease, left
             ventricular ejection fraction (LVEF) ≤ 45%, symptomatic congestive heart failure, or
             other conditions that may be sensitive to demand ischemia). Transfusions are allowed
             to meet hemoglobin eligibility

          -  Individual has provided informed consent

          -  Individual is willing and able to comply with clinic visits and procedure outlined in
             the study protocol

          -  Individuals must have an Eastern Cooperative Oncology Group (ECOG) performance status
             of 0 to 2, except for individuals less than 75 years of age and appropriate for
             non-intensive treatment. For these individuals, the ECOG performance status score may
             be 0 to 3

          -  Individuals must have adequate renal function as demonstrated by a creatinine
             clearance ≥ 30 milliliters per minute per 1.73 square meter (mL/min/1.73m^2);
             calculated by the Cockcroft Gault formula or measured by 24 hours urine collection

          -  Adequate cardiac function as demonstrated by:

               -  Lack of symptomatic congestive heart failure and clinically significant cardiac
                  arrhythmias and ischemic heart disease

               -  LVEF > 50% for individuals appropriate for intensive therapy

          -  Adequate liver function as demonstrated by:

               -  Aspartate aminotransferase ≤ 3.0 × upper limit of normal (ULN)

               -  Alanine aminotransferase ≤ 3.0 × ULN

               -  Total bilirubin ≤ 1.5 × ULN, or primary unconjugated bilirubin ≤ 3.0 × ULN if
                  individual has a documented history of Gilbert's syndrome or genetic equivalent

          -  Pretreatment blood cross-match completed

          -  Males and females of childbearing potential who engage in heterosexual intercourse
             must agree to use protocol-specified method(s) of contraception

          -  Individuals must be willing to consent to mandatory pretreatment and on-treatment bone
             marrow biopsies (aspirate and trephines).

        Key Exclusion Criteria:

          -  Positive serum pregnancy test

          -  Breastfeeding female

          -  Known hypersensitivity to any of the study drugs, the metabolites, or formulation
             excipient

          -  Prior treatment with any of the following:

               -  Cluster of differentiation 47 (CD47) or signal regulatory protein alpha
                  (SIRPα)-targeting agents

               -  Antileukemic therapy for the treatment of AML (excluding hydroxyurea or oral
                  etoposide), hypomethylating agent (HMA), low dose cytarabine and/or venetoclax
                  Note: Individuals with prior myelodysplastic syndrome (MDS) who have not received
                  prior HMAs or chemotherapeutic agents for MDS are allowed on study. Other prior
                  MDS therapies including, but not limited to, lenalidomide, erythroid stimulating
                  agents, or similar RBC-direct therapies, are allowed. Localized non-central
                  nervous system (CNS) radiotherapy, erythroid and/or myeloid growth factors,
                  hormonal therapy with luteinizing hormone-releasing hormone agonists for prostate
                  cancer, hormonal therapy or maintenance for breast cancer, and treatment with
                  bisphosphonates and receptor activator of nuclear factor kappa-B ligand
                  inhibitors are also not criteria for exclusion.

          -  Current participation in another interventional clinical study

          -  Known inherited or acquired bleeding disorders

          -  Individuals appropriate for non-intensive therapy, who have received treatment with
             strong and/or moderate cytochrome P450 enzyme 3A (CYP3A) inducers within 7 days prior
             to the initiation of study treatments

          -  Individuals appropriate for non-intensive therapy who have consumed grapefruit,
             grapefruit products, Seville oranges (including marmalade containing Seville oranges)
             or starfruit within 3 days prior to the initiation of study treatment

          -  Individuals appropriate for non-intensive therapy who have malabsorption syndrome or
             other conditions that preclude enteral route of administration

          -  Clinical suspicion of active CNS involvement with AML

          -  Individuals who have acute promyelocytic leukemia

          -  Significant disease or medical conditions, as assessed by the Investigator and
             Sponsor, that would substantially increase the risk-benefit ratio of participating in
             the study. This includes, but is not limited to, acute myocardial infarction within
             the last 6 months, unstable angina, uncontrolled diabetes mellitus, significant active
             infections, and congestive heart failure New York Heart Association Class III-IV

          -  Second malignancy, except neoplasms such as MDS/myeloproliferative disorders that can
             transform to AML, or treated basal cell or localized squamous skin carcinomas,
             localized prostate cancer, or other malignancies for which individuals are not on
             active anti-cancer therapies and have had no evidence of active malignancy for at
             least ≥ 1 year Note: Individuals on maintenance therapy alone who have no evidence of
             active malignancy for at least ≥ 1 year are eligible.

          -  Known active or chronic hepatitis B virus (HBV) or hepatitis C virus (HCV) infection
             or human immunodeficiency virus (HIV) infection in medical history

          -  Active HBV, and/or active HCV, and/or HIV following testing at screening:

               -  Individuals who test positive for hepatitis B surface antigen (HBsAg).
                  Individuals who test positive for hepatitis B core antibody (anti-HBc) will
                  require HBV deoxyribose nucleic acid (DNA) by quantitative polymerase chain
                  reaction (PCR) for confirmation of active disease

               -  Individuals who test positive for HCV antibody. These individuals will require
                  HCV ribose nucleic acid (RNA) quantitative PCR for confirmation of active disease

               -  Individuals who test positive for HIV antibody

               -  Individuals not currently receiving antiviral therapy and who have an
                  undetectable viral load in the prior 3 months may be eligible for the study.

        Note: Other protocol defined Inclusion/Exclusion criteria may apply.