This talk explores the rapid evolution of generative AI and its transformative impact, contrasting it with traditional machine learning approaches. Delving into the inner workings of models like DALL-E 2 and ChatGPT, it examines how they creatively generate content and discusses concerns around trust and risks. Tracing the technology’s growth and influence, the presentation looks at future milestones such as the emergence of ChatGPT 5 and Meta’s Megamind initiatives. It concludes by considering the multifaceted challenge of nurturing AI's creative potential while ensuring trustworthiness, accountability and responsible progress. With its unprecedented generative abilities, this technology promises to shape the economic and societal landscape - this talk aims to illuminate its capabilities, limitations and implications.