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In the less than two years since the release of ChatGPT, there has been an explosion of excitement and fear about its implications for education. Many educators, policymakers, researchers, and others with a stake in K-12 education have made prognostications and expressed opinions. In this literature review, we provide an overview of initial reactions. The paper adopts a sociocultural approach to the question of how AI might intersect with education. We review 36 recent contributions to the literature, and the results describe divergent responses to this new educational tool. We need to move beyond overly optimistic boosterism and overly pessimistic doomsday scenarios, to explore more reasonable responses to the opportunities and challenges that this new technology is already bringing.