The past few weeks have seen tremendous excitement around generative AI. Names like ChatGPT, Dall-E, and Stable Diffusion are buzzing around, and start-ups in the Generative AI space are being flooded with multiple rounds of funding worth millions of dollars. Apparently, all you need to do is type a textual prompt, and you can have an original news article or a whole new painting ready in a matter of seconds. So, what exactly is generative AI? What makes it different from the other kinds of artificial intelligence that we are accustomed to? What are its potential applications? And what are the ethical concerns over this technology?