The World Economic Forum in Davos this year has seen a shift in focus from the excitement over the economic potential of AI technology to a more cautious assessment of its risks. Leaders, including heads of state, billionaires, and CEOs, are expressing concerns about AI's potential to supercharge misinformation, displace jobs, and deepen economic inequalities. The debate around AI's risks has gained urgency amid global efforts to regulate the rapidly evolving technology. Concrete hazards, such as AI-generated fakes and automation in jobs, are at the forefront of discussions. The mounting worries about AI's perils are impacting the tech industry's marketing efforts at the event. Global AI regulation efforts face economic tensions, geopolitical interests, and societal concerns due to US-China rivalry and competing interests, reflecting broader paradoxes at Davos.