OpenAI’s ChatGPT and DALLE have taken the world by storm. Other such platforms have also entered the race for AI dominance: NVIDIA's GauGAN, Google's DeepDream and Cristóbal Valenzuela's RunwayML are some of the prominent contenders.

In contrast to other forms of AI that rely on pre-existing datasets, generative AI models use algorithms to produce new data based on patterns and rules learnt from large data collections. Because they rely on deep learning methods like neural networks, such models can generate synthetic data that closely resembles the underlying patterns and structures of the actual data.