That is a normal new growth. On an orchid like this, each new growth comes from an eye near the base of a pseudobulb. This is called a sympodial growth pattern, literally "joined at the foot". Contrast it with the monopodial ("one footed" ) growth pattern of Phals and Vandas. In a sympodial orchid it would only be called a keiki if the new growth comes from the side or top of the pseudobulb, rather rare in Oncidium types.
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