The foam that forms the air deflection gates on the air controller deteriorates and begins to disintegrate. It will spew foam for a few months. You can help to clear it by closing all vents but one, running the fan at full blast and using a strong vacuum cleaner to suck it out of the vent.
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"Speed has never killed anyone, suddenly becoming stationary... that's what gets you."
the foam is covering the internal flap inside the AC air box.
the flaps are made of metal and have holes in it (i guess to reduce weight)
this is how it looks: