The "singularity" refers to the point in time when technology progresses so quickly that all of our existing models for tracking and understanding it break down.
In the AI realm, this is an exceptionally exciting time; we're not quite at the point where we need to be worried about general AI taking over, but we do have generative AI giving us amazing tools that are going to dramatically alter the landscape.
Generative AI won't render human artists obsolete in the same way that photography didn't render portrait artists obsolete, but this will certainly cause disruptions for a lot of people if they don't adapt quickly enough.