The rapid advancement of generative artificial intelligence (GAI) and the extensive use of social media have transformed how students engage with educational materials and interact with their peers. Collaborative learning (CL) platforms, empowered by artificial intelligence (AI) algorithms, have gained popularity due to their potential to enhance learning outcomes and provide personalised educational experiences. This research examines the effects of generative AI (ChatGPT-4) and social media use on young students' academic performance and psychological well-being, focusing on CL. The study conceptual framework was examined based on a sample of 441 Chinese university students. The statistical technique PLS-SEM is put into practice to measure the structural framework of academic performance and psychological well-being. The findings of this study show that generative AI (ChatGPT-4) and social media positively influence young students' academic performance and psychological well-being. Additionally, the results of this research study show that CL positively mediates between social media, academic performance and psychological well-being. Conversely, it negatively mediates the association between generative AI (ChatGPT-4), academic performance (AP), and psychological well-being. The findings can facilitate a better understanding of the implications of technologies in the educational context and subsequently aid in formulating evidence-based strategies to optimise their impact on students's academic success and well-being.