We are entering an Age of Artificial Intelligence with unprecedented opportunities. Companies are integrating AI-driven solutions to enhance efficiency, drive innovation, and maintain a competitive edge. However, prevailing myths about AI create uncertainty in strategic decision-making and adoption. We will discuss four foundational myths in our AI centric world: 1) regulation is an innovation killer; 2) scaling current models will lead to Artificial General Intelligence (AGI); 3) general models create maximum value; and 4) the value of data is unlimited. We will show these myths are delaying AI progress and provide research in overcoming their challenges.