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AI has revolutionized almost every aspect of human lives - from healthcare to agriculture, and from fashion to political campaigns. There is a lot of excitement as well as fear around the future promises of AI. Yet, speculations abound that we are soon going to hit the third AI winter. In this talk, I will try to address some these questions and speculations. I will use examples from the domain of Natural language processing (NLP) - allegedly one of the hardest areas of AI - to illustrate what we have achieved, what are the promises offered by the recent advances in deep learning and why there are certain problems that are too difficult for any of the current approaches to handle. I will also highlight the non-AI aspects of AI system building (aka data creation and engineering) which are the unsung foundations of most practical AI systems.