Generative diffusion models have achieved spectacular performance in many areas of generative modeling. While the fundamental ideas behind these models come from non-equilibrium physics, in this paper we show that many aspects of these models can be understood using the tools of equilibrium statistical mechanics. Using this reformulation, we show that generative diffusion models undergo second-order phase transitions corresponding to symmetry breaking phenomena. We argue that this lead to a form of instability that lies at the heart of their generative capabilities and that can be described by a set of mean field critical exponents. We conclude by analyzing recent work connecting diffusion models and associative memory networks in view of the thermodynamic formulations.