As artificial intelligence (AI) continues to advance, it is natural to ask whether AI systems can be not only intelligent, but also conscious. I consider why people might think AI could develop consciousness, identifying some biases that lead us astray. I ask what it would take for conscious AI to be a realistic prospect, challenging the assumption that computation provides a sufficient basis for consciousness. I'll instead make the case that consciousness depends on our nature as living organisms – a form of biological naturalism. I lay out a range of scenarios for conscious AI, concluding that real artificial consciousness is unlikely along current trajectories, but becomes more plausible as AI becomes more brain-like and/or life-like. I finish by exploring ethical considerations arising from AI that either is, or convincingly appears to be, conscious. If we sell our minds too cheaply to our machine creations, we not only overestimate them – we underestimate ourselves.