The field of artificial intelligence (AI) is experiencing a golden age. Scientific breakthroughs and game-changing technologies are rapidly altering the way we live, work, communicate, and entertain. Investment in AI is booming. Meanwhile, success stories and inevitable failures fuel speculations about the aggregate impact of AI on society. In this talk, I give a historical perspective on the development of AI, including the pattern of research leaps followed by exaggerated expectations. With today’s best AI methods, it is easy to create a grandmaster chess player, but replicating the common sense of a three-year-old child remains elusive. I will examine these challenges using insights from my research on automated reasoning, autonomous driving, and human-in-the-loop AI. The ability to sustain progress and responsibly deploy AI technology depends on a far better understanding of how humans use common sense to handle ordinary situations that they encounter every day.