Hollywood, a notoriously labor-intensive creative industry, is experiencing every conceivable emotion over generative A.I.: fear and loathing, curiosity, cautious optimism, even some twinges of genuine excitement. After all, not every tech entrepreneur is waxing poetic about replacing human moviemaking. Some, like Fable Studio C.E.O. Edward Saatchi, whom I interviewed last month, want to expand the entertainment universe with new forms of personalized content. Others are looking at how A.I. can make VFX workflows faster and more efficient, dramatically reducing costs so that studios can start releasing more movies theatrically again. (Although, clearly, VFX costs are not the only barrier there.)