This chapter explores the revolutionary effects of artificial intelligence (AI) on modern business and technology. The chapter first presents a historical overview of AI development and varying definitions of AI, highlighting its central role in propelling business model innovation and technological progress. The multifaceted ethical challenges of AI are discussed, particularly within business contexts, in light of its potential to revolutionise the global economic landscape. A central idea is AI’s transformative power to reshape industry norms and create novel economic possibilities. The discussion covers the dual function of AI (automation and augmentation of business operations), the ethical spectrum of AI application, and the implications for management and workforce dynamics. Emphasis is placed on the capacity of AI to enhance decision-making processes and its pivotal role in the development of strategies aligned with data-driven business models. The complex interplay between technical innovation and ethical considerations is examined. The chapter outlines a future where AI integration is transformative and responsible. By providing a thorough analysis of the technical opportunities and challenges of AI, the chapter offers a nuanced perspective of how AI continues to redefine the link between business and technology.