The newest version of Photoshop uses Artificial Intelligence to do a number of absolutely amazing things. Colorizing black & white images is just one of them.

This photo, taken in South Dakota in 1985, took about 3 seconds for Photoshop to colorize.

It’s not perfect, and you can tweak the settings (I’ve left them as is), but out of the box it’s beyond  superb, and the coming refinements will perfect it.