We are at the dawn of a new technological revolution. The recent development of artificial intelligence (AI), especially the emergence of generative AI, has offered a plausible future in which machines will eventually free humans from a wide range of cognitive tasks, unleashing vast creativity and productivity gains. Historically, AI technologies have progressed gradually, through cycles of optimism and disappointment. In recent years, however, the use of AI and machine learning technology has started gaining ground in various applications, such as search engines, targeted advertising, self-driving vehicles, language translation, and image recognition. It is essential for researchers, business practitioners, policymakers, and the general public to work together to develop effective policies and robust regulation to coordinate and facilitate the continuing progress and adoption of AI and address potential downside risks. AI has fantastic potential and needs to be developed and used responsibly for the benefit of all.