generated_ids = model.generate(**model_inputs)
tokenizer.batch_decode(generated_ids, skip_special_tokens=True)[0]
'A list of colors: red, blue, green, yellow, orange, purple, pink,'

Finally, you don't need to do it one sequence at a time! You can batch your inputs, which will greatly improve the throughput at a small latency and memory cost. All you need to do is to make sure you pad your inputs properly (more on that below).