So what is the actual situation about AI? What is happening, what's the issue, and where is it all going?

I'm still a little confused about all this. I can't get a clear view of what is happening, what the situation is currently, how big the companies are working on AI, how close are they to AGI, what the main limitations are and why it's such big deal.<br><br>So I would like to know what are the main facts about AI so I can get a better view of what is happening right now.