At the world’s pharma and biotech companies, artificial intelligence is increasingly critical to the drug discovery engine. A 2019 survey by the Pistoia Alliance found that 70% of life science researchers use AI, including machine and deep learning, in their work, up from 44% just two years earlier. But where along the road to a new drug will AI have the most impact? This Discovery Report examines the hope and the hype—and what scientists need to know to understand what’s next.