Google'snew AI video generator Veo 3 - announced just last month - is causing shockwaves online with its photorealistic content. TheAI video generatorcan create eight-second videos within moments after receiving a prompt.Content like short films, fake street interviews, sci-fi, action and other prompts are appearing all over social media; you may have seen them already without even knowing it's AI.READ MORE:Venomous snakes found hidden in bag of traveller at airportGoogle's own prompt of an "old sailor" showcases just how impressive the quality of the AI is.(Google)Google's "state-of-the-art video generation model" claims it stands out from other AI video generators due to its innovations that were "designed for greater control".Notably, the tool now produces realistic soundscapes featuring audio and dialogue and can be fine-tuned to keep consistent characters in different video clips.Users can also precisely adjust framing and movement.Veo 3 can even use videos of yourself as a reference point for animating facial expressions and emotions.The tool has been available through Google's paid AI plans and is accessible through its AI chatbot Gemini and new creative tool Flow.The technology is set to cause an even greater shift within the creative industry as filmmakers experiment with thetechnology.READ MORE:Popular theory about our galaxy's fate might be wrong, astronomers saySome social media users noted the "uncanny" nature of the AI videos.(Google)Top business minds gather for AI summitAI and its future use were the topic oftheAustralian Financial Review's AI summitheld today, with Google Australia and New Zealand managing director Melanie Silva saying the technology will be critical to lift Australia's productivity."Everything we know of can be faster and easier," she told theAFRsummit."If we put a productivity lens around it and think about how Australia might solve the 10-year productivity slump that we are in, this is by far one of the biggest solutions."Google's senior vice president for research, labs, technology and society James Manyika said Australia would need to capitalise on opportunities provided by AI."It's fundamentally important in our minds to have a very vibrant research and AI ecosystem," Manyika told the summit."I think Australia has a great starting point.""The CSIRO is an extraordinary entity ... but more may actually be needed."DOWNLOAD THE 9NEWS APP: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on theApple App StoreandGoogle Play.