The document discusses both the capabilities and limitations of current artificial intelligence technologies. It outlines areas where AI has made recent advances such as speech recognition, object recognition, translation and data mining using big data and neural networks. However, it also notes that AI systems have limitations such as requiring massive datasets, being unable to adapt or learn interactively, and lacking common sense or reasoning abilities. The document advocates for a new paradigm of adaptive AI that can achieve capabilities like general purpose robots, language comprehension and conversation.