This paper discusses some societal implications of the most recent and publicly discussed application of advanced machine learning techniques: generative AI models, such as ChatGPT (text generation) and DALL-E (text-to-image generation). The aim is to shift attention away from conceptual disputes, e.g. regarding their level of intelligence and similarities/differences with human performance, to focus instead on practical problems, pertaining the impact that these technologies might have (and already have) on human societies. After a preliminary clarification of how generative AI works (...) (Sect. 1), the paper discusses what kind of transparency ought to be required for such technologies and for the business model behind their commercial exploitation (Sect. 2), what is the role of user-generated data in determining their performance and how it should inform the redistribution of the resulting benefits (Sect. 3), the best way of integrating generative AI systems in the creative job market and how to properly negotiate their role in it (Sect. 4), and what kind of “cognitive extension” offered by these technologies we ought to embrace, and what type we should instead resist and monitor (Sect. 5). The last part of the paper summarizes the main conclusions of this analysis, also marking its distance from other, more apocalyptic approaches to the dangers of AI for human society. (shrink)