In 2023, ChatGPT, a generative AI-powered chatbot by OpenAI, gained massive popularity with 100 million users within two months. Despite occasional wrong answers, the technology sparked awe and dread, leading to a $27 billion investment in generative AI startups. Concerns about its impact led to calls for a pause in developing more powerful systems, drawing parallels to the warnings of atomic bomb makers. The economic impact of AI is estimated to reach $15.7 trillion by 2030, with nearly every industry embracing the technology. Winners and losers in the AI era are emerging, with concerns about bias and job disruptions. Nvidia emerged as a big winner in the global AI race, while OpenAI faced internal turmoil and concerns about new breakthroughs in AI. Regulators, such as the EU, are planning to establish guidelines for AI with the EU AI Act, while concerns about AI-generated misinformation leading up to the 2024 election are rising. The future impact of AI on society is being deliberated, raising questions about the privileged few in Silicon Valley making decisions behind closed doors.