General-purpose artificial intelligence (AI) technologies, such as ChatGPT, are quickly transforming the way AI systems are built and deployed. While these technologies are expected to bring huge benefits in the coming years, spurring innovation in many sectors, their disruptive nature raises policy questions around privacy and intellectual property rights, liability and accountability, and concerns about their potential to spread disinformation and misinformation. EU lawmakers need to strike a delicate balance between fostering the deployment of these technologies while making sure adequate safeguards are in place.