The explosion of biomedical big data and information in the past decade or so has created new opportunities for discoveries to improve the treatment and prevention of human diseases. As such, the field of medicine is undergoing a paradigm shift driven by AI-powered analytical solutions. This talk explores the benefits (and risks) of AI and ChatGPT, highlighting their pivotal roles in revolutionizing biomedical discovery, patient care, diagnosis, treatment, and medical research. By demonstrating their uses in some real-world applications such as improving biomedical literature searches (Nature Biotechnology 2018; Nature 2020; Nature Genetics 2023), accelerating patient trial matching (TrialGPT, in collaboration with NCI clinicians), and assisting gene set analysis (GeneAgent, in collaboration with NCI researchers), we underscore the potential of AI and ChatGPT in enhancing clinical decision-making, personalizing patient experiences, and accelerating knowledge discovery.