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Generative Artificial Intelligence (AI) technologies are in a phase of unprecedented rapid development following the landmark release of Chat-GPT, which brought the phenomenon to wide public attention. As the deployment of AI products rises geometrically, considerable attention is being given to the threats and opportunities that AI technologies offer, and to the need for regulatory and standards initiatives to ensure that use of the technology aligns with societal needs and generates broad benefits while mitigating risks and threats. This manuscript is the third of a series of White Papers informing the development of IEEE-SA's p3995 {\it `Standard for the Implementation of Safeguards, Controls, and Preventive Techniques for Artificial Intelligence Models'} \cite{P3395}, Chair Marina Cort\^{e}s. This part focuses on assessing calmly and objectively, as far as is possible, the current state of Artificial Intelligence (AI) technology development and identifying predominant trends, prospects, and ensuing risks. It necessarily forms a snapshot of the current instant of a rapidly-evolving landscape, with new products and innovations emerging continuously. While our main focus is on software and hardware developments and their corporate context, we also briefly review progress on robotics within the AI context and describe some implications of the substantial and growing AI energy demand., Comment: This is an interim version of our p3395 WG White Paper, Part III. We will update this version, until publication by IEEE-SA, Sponsor Committee - Artificial Intelligence Standards Committee (C/AISC); https://standards.ieee.org/ieee/3395/11378/ This White Paper is companion to Part I available at arXiv:2410.01808

Generative Artificial Intelligence (AI) models may carry societal transformation to an extent demanding a delicate balance between opportunity and risk. This manuscript is the first of a series of White Papers informing the development of IEEE-SA's p3995: `Standard for the Implementation of Safeguards, Controls, and Preventive Techniques for Artificial Intelligence (AI) Models', Chair: Marina Cort\^{e}s (https://standards.ieee.org/ieee/3395/11378/). In this first horizon-scanning we identify key attention areas for standards activities in AI. We examine different principles for regulatory efforts, and review notions of accountability, privacy, data rights and mis-use. As a safeguards standard we devote significant attention to the stability of global infrastructures and consider a possible overdependence on cloud computing that may result from densely coupled AI components. We review the recent cascade-failure-like Crowdstrike event in July 2024, as an illustration of potential impacts on critical infrastructures from AI-induced incidents in the (near) future. It is the first of a set of articles intended as White Papers informing the audience on the standard development. Upcoming articles will focus on regulatory initiatives, technology evolution and the role of AI in specific domains., Comment: This is an interim version of our p3395 working group White Paper. We will update this version, until publication by the Institute of Electrical and Electronics Engineers, Standards Association (IEEE-SA), Sponsor Committee - Artificial Intelligence Standards Committee (C/AISC); https://standards.ieee.org/ieee/3395/11378/