AI is unlocking unprecedented advancements, transforming industries, enhancing our lives, and solving real-world problems. Yet, it carries risks that stoke fear and make dystopian sci-fi films a plausible reality. This debate will dive into the dual potential of AI in business and society, exploring its promise and peril. Drawing on academic research and real-world examples, Karim will argue AI is key to unlocking a utopian future where technology enhances every aspect of our lives, while Shikhar will argue lack of regulation will lead us to a dystopian nightmare dominated by machines.