How intelligent is ChatGPT? That question has loomed large ever since OpenAI released the chatbot late in 2022. The simple answer to the question is, “No, it is not intelligent at all.” That is the answer that AI researchers, philosophers, linguists, and cognitive scientists have more or less reached a consensus on. Even ChatGPT itself will admit this if it is in the mood. However, it’s worth digging a little deeper into this issue – to look at the sense in which ChatGPT and other large language models (LLMs) are or are not intelligent, where they might lead, and what risks they might pose regardless of whether they are intelligent. In this article, I make two arguments. First, that, while LLMs like ChatGPT are not anywhere near achieving true intelligence, they represent significant progress towards it. And second, that, in spite of – or perhaps even because of – their lack of intelligence, LLMs pose very serious immediate and long-term risks. To understand these points, one must begin by considering what LLMs do, and how they do it.