state-of-the-art

state-of-the-art {adj}
(using the latest technology; at the highest level of technology; having the newest technology; the best available; as technologically advanced as there is) — (оборудованный) по последнему слову техники; современнейший, самый современный; самый высокотехнологичный; (находящийся) переднем крае (развития науки, техники и пр.)
state of the art {n} — последнее слово, передний край (техники, науки)

Example 1: This new car is state of the art. It practically drives itself! (englishbaby.com)
Example 2: The school is very proud of the equipment in its computer room. It's state of the art.
Example 3: The poem (Beowulf) was made into a state-of-the-art animated film that uses computers to make very realistic-looking characters based on real actors.
Example 4: I have a state-of-the-art mobile phone. It has a phone and I can access the internet with it.
Example 5: Prada's state-of-the-art mobile phone will be available to buy next year.

See also
[cutting edge]
space-age (very modern)

Example 1: space-age technology

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The phrase "state of the art" should be hyphenated when it is used as an adjective, e.g.:

"This machine is an example of state-of-the-art technology", but not when used as a noun as in the following sentence:
"The state of the art in this field is mostly related to the X technology".

For example, we often see state-of-the-art hyphenated, as in:

"She had a state-of-the-art stereo system."

But if you were to say:

"Her stereo system was state of the art ,"

hyphens are unnecessary (and incorrect).
In these examples, state of the art is correctly unhyphenated because it functions as a noun:

.....Kurion has since improved both the material performance and also advanced the state of the art for vitrification with lower cost and higher throughput. (Forbes)
..... it represents the state of the art in readiness for earthquake and tsunami disasters. (CNN)

And in these examples, state-of-the-art is correctly hyphenated because it’s a phrasal adjective preceding the noun it modifies:

.....Thousands of Costan Rican fans turned out for the reopening of a state-of-the-art football stadium donated by the Chinese government. (Guardian)
.....The institute’s state-of-the-art seismic recording system will be used to map what lies beneath Christchurch. (Calgary Herald)
.....The $1 billion Rockport facility is a state-of-the-art plant built in 1997, the newspaper said. (AP)

NOTE:
The advertising buzzword state-of-the-art has been rendered meaningless through overuse. Unless you want to sound like a salesperson, stay away from it.
The noun state of the art is less salesy than the adjective state-of-the-art , but both are tainted. (grammarist.com)