In 2023, OpenAI's ChatGPT gained rapid popularity, reaching 100 million users within two months, projecting a $1 billion revenue for 2024. Despite occasional inaccuracies, the generative AI sparked significant investment, with $27 billion injected into AI startups. Concerns over AI's societal impact led to calls for a pause in developing more powerful systems, drawing parallels to existential risks. PwC estimated a $15.7 trillion global AI-related economic impact by 2030. Chipmaker Nvidia emerged as an early winner, joining the trillion-dollar club. OpenAI faced internal turmoil as CEO Sam Altman was briefly ousted, reflecting debates between AI commercialization and cautious approaches. Regulatory efforts, such as the EU AI Act, aimed to establish guardrails, while AI-generated misinformation raised election-year concerns. In 2024, AI's role in elections and ongoing debates about its societal impact is expected to remain in the spotlight.