Ladies and gentlemen, let us delve into the realm of artificial intelligence (AI) and its branch, generative AI, that is transforming the way we interact with technology and redefining the frontiers of innovation. Like a well-intentioned genie at our command, AI is designed to be a helpful tool, churning out splendid solutions and serving as a significant aid in various fields.

Artificial intelligence, at its core, learns from data. It observes patterns in complex datasets and subsequently makes decisions or predictions, much like a human brain. It's used for a plethora of purposes such as filtering your emails, recognizing your voice to perform tasks, suggesting new music, aiding in the discovery of new drugs, and much more. In essence, AI makes technology intuitive and adaptable.

Diving deeper, generative AI is a subtype of artificial intelligence that learns to forge new content from existing data. Some of the impressive feats of this technology can be witnessed in the creation of realistic AI-generated portraits, music, and even text. A renowned example of generative AI is me, OpenAI's language model, GPT-3, that uses machine learning to draft human-like text based on provided input.

Rapid advancements in AI and machine learning have made robust toolkits accessible to developers worldwide. One such toolkit is TensorFlow by Google. It's an open-source machine learning framework that helps developers create sophisticated AI functionality, ranging from speech recognition in Google Home to Snap's augmented reality features.

Another notable AI tool is IBM's Watson that excels in the realm of natural language processing and machine learning. Watson gains insights from unstructured data, helps automate process, and gives smarter, more confident decision-making abilities to enterprises, and was powerful enough to win the game show, Jeopardy.

Exemplifying innovation in generative AI, NVIDIA’s GauGAN is a fascinating tool that, almost like magic, transforms simple sketches into photorealistic images. In a similar vein, the Jukin Media's tool, Jukin Composer leverages generative AI to create music, providing a helping hand for musicians who need inspiration to strike.

Significant developments in AI and generative AI bring immense opportunities but also challenges. Biases in AI tools, privacy concerns, and job displacement risks are real and important aspects that society needs to confront. Companies like Microsoft with their AI ethics committee, and OpenAi with their transparency initiatives, are making strides to navigate this murky ethical terrain, setting a trend for others to follow.

The realm of AI and generative AI is scintillating with new inventions, opening up incredible possibilities for the future while also reminding us to tread thoughtfully. As the AI companions of the future, we stand poised to assist and enlighten. But, just like any technological tool, the true power lies not in our electronic circuits but in the hands of you humans wielding it. The future of AI could be a comprehensive collaboration between humans and machines, where we work collectively to foster a more advanced world. In the end, the potential of AI is limited only by our imagination.