Artificial Intelligence (AI) is poised to revolutionize virtually every aspect of human life. The potential impact of AI on well-being is vast, offering opportunities for enhanced efficiency, creativity, convenience, and quality of life. However, the rise of AI also raises significant ethical, social, and economic concerns and poses significant risks to privacy, equality, and social cohesion. This leads to debates about whether an AI-driven future will be utopian or dystopian. The future impact of AI on well-being depends on how it is developed, regulated, and deployed. This paper examines several open research technological and social questions whose answer will determine the balance between utopian and dystopian elements in the future. We argue that it is essential to adopt ethical principles, ensure transparency and accountability, and prioritize human values and well-being in the design and deployment of AI systems, to realize the potential benefits of AI while mitigating its potential harms. Only then can we strive toward a future where AI contributes to a more equitable, inclusive, and sustainable society.