In this presentation, we explore the progression and trends of generative AI, focused on large language models (LLMs) and small language models (SLMs). Beginning with an overview of their characteristics, use cases and values, the talk then forecasts key advancements in the evolution of LLMs, the rise of SLMs and their synergistic interplay. This exploration extends to examining the societal and economic impacts of these movements, addressing both the potential and the technology challenges they present. Crucially, the deep dive underscores the importance of navigating the associated risks, emphasizing the need for interdisciplinary collaboration, responsibility guidelines, and explainability considerations in generative AI development. By advocating for sustainable practices and effective governance, the analysis highlights the necessity of balancing technological innovation with ethical responsibility to ensure these advancements benefit society as a whole.