Artificial Intelligence (AI) has become one of the most frequently used terms in the technical jargon (and often in not-so-technical jargon). Recent advancements in the field of AI have certainly contributed to the AI hype, and so have numerous applications and results of using AI technology in practice. Still, just like with any other hype, the AI hype has its controversies. This paper critically examines developments in the field of AI from multiple perspectives - research, technological, social and pragmatic. Part of the controversies of the AI hype stem from the fact that people use the term AI differently, often without a deep understanding of the wider context in which AI as a field has been developing since its inception in Mid 1950s.