Our book "Modeling Reality", first published in 2002, explored concepts foundational to building computer models to describe and reason about the world around us. More than two decades later, most of these concepts have remained largely unchanged. However, one area - neural networks, and more broadly, the field of artificial intelligence - has undergone a rapid metamorphosis. This talk will provide an overview of the developments in AI that have transformed the relatively limited neural network technology described in our book into the incredibly powerful tools we see today, such as ChatGPT, which are on a fast track to revolutionize many aspects of our daily lives and have given a whole new meaning to the idea of modeling reality.