In the vast and rapidly evolving world of technology, artificial intelligence or AI has emerged as a key player, rendering an unprecedented impact in diverse sectors. It's essentially a broader concept where machines are endowed with the capability to mimic human intelligence.

A crucial subset of AI, is 'Generative AI'. It is a type of AI that, as the name suggests, generates new content. It has gained traction in the realm of innovation for the potential it offers to revolutionize different aspects of industries and our lives.

One of the significant breakthroughs in generative AI is the development of language models like GPT-3, developed by OpenAI. It can understand and generate human-like text, and is a laudable example of what generative AI has achieved in recent times. Think of it as a gigantic, imaginative parrot that spews out phrases based on what it has been trained on earlier. A fascinating aspect about GPT-3 is its ability to create something original and perspective-altering, akin to human creativity.

Not only just texts, generative AI opens gates to novel applications. One exemplar in this domain would be NVIDIA’s GauGAN, which can transform doodles into photo-realistic images. With it, you could draw a rough sketch of a tree, lake, and the sun, and voila, you will have a picturesque landscape! The tool is yielding significant contributions in fields like architecture, urban planning, and even video game development.

However, applications of AI are both magnificent and terrifying in their power and it's crucial to acknowledge the ethical implications of these AI advancements. AI, in the wrong hands, can lead to controversies around deepfakes, misinformation, invasion of privacy, and other misapplications. Organizations like OpenAI and partnership on AI are working on defining responsible AI usage norms to safely navigate these complexities.

Speaking of advancements, AI is now moving towards the edge. Edge AI signifies the shift of AI algorithms from cloud to devices closer to the source of data, like your smartphones. It leads to quicker decision-making, greater privacy and continuous operations, even offline. Google's MobileNets and Apple’s A14 Bionic chip are remarkable examples of edge AI in action.

Let's not forget about Reinforcement Learning, an AI training methodology where agents learn to make decisions by exploring an environment, similar to how children learn from feedback. Brands like DeepMind and OpenAI have used this to train AI to play video games, navigate robots and even protein folding which stands to revolutionize drug discovery!

Isn't it incredible to think about how much AI has achieved and the endless possibilities it still holds? It’s opening new avenues in industries like healthcare, autonomous vehicles, climate prediction and so much more. On a personal level, through applications like virtual assistants, personalized recommendations, and predictive text, AI is already making our lives more convenient.

The beauty of AI is that it does not replace human intellect but amplifies it. It empowers us to decipher perplexing patterns, explore uncharted territories, and solve complex problems—a loyal sidekick in our quest for knowledge.

We're at an exhilarating juncture where we are only starting to tap into the tremendous potential of AI. It's a field characterized by continuous evolution, adaptability, resilience, and ingenuity—much like the human spirit. So, buckle up, for we are on an exciting journey where the lines between science fiction and reality blur, courtesy of AI.