Still rebounding from the impact of the global pandemic, the higher education sector is being challenged even further by the next wave of Artificial Intelligence (AI) technologies. These technologies have the power to generate in a matter of seconds, quality text, images, music and coding responses to questions or prompts entered into an online chat box. Currently, one of the most accessible and popular text generators is OpenAI's ChatGPT which was released in November 2022. Early evaluation indicates that the quality of the responses exceed standard pass rates for comparable university assessments. Even if academic protocols mandate that text cited from AI sources should be acknowledged and referenced as any other source material, the speed, accessibility and high quality of the AI material justifies a rethink of the purpose of higher education and a redesign of curriculum, pedagogy and assessment. An initial suggestion being promoted in the sector is that learning outcomes and assessments should move away from a focus on content memorisation and recall, to development of higher order thinking skills such as critical analysis, evaluation, resilience, creativity, problem solving, appraising and mastery of verbal communication and computer literacy. This preliminary paper examines some of the literature to date, which discusses potential risks and threats, as well as the opportunities to enhance learning, embedded in this new wave of emerging AI technologies in higher education.