Abstract: The entire AI revolution is carried by a 30-year old method, which is nowadays referred to as deep learning. The effectiveness of deep learning gave rise to revolutionary image, signal and text recognition performances. In the past five years, impressive strides have been made on these tasks. The successes are mainly attributable to the increased volumes of data and the advances in computational resources. More importantly, the effectiveness of deep learning provides interesting insights into the theory of machine learning. In the presentation, the true AI revolution will be explained and contrasted with the overhyped media image of AI. Starting from a brief history of AI and neural networks, the presentation will zoom in on deep learning and the applied and fundamental research that is fuelling the true AI revolution.