Berkshire Hathaway’s annual shareholder assembly occurred in Omaha, Nebraska over the weekend, and it included a Q&A with CEO and Chairman Warren Buffett and Vice Chairman Charlie Munger.
One of many subjects the duo broached was the sudden rise of AI and ChatGPT, one thing that Buffett is not too eager on because the expertise continues to advance.
“When one thing can do all types of issues, I get somewhat bit fearful,” Buffett mentioned. “As a result of I do know we can’t be capable to un-invent it and, you realize, we did invent, for very, excellent cause, the atom bomb in World Battle II.”
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Buffett advised viewers members that he tried the tech earlier this 12 months with the assistance of his good friend and fellow billionaire Invoice Gates.
“It did these outstanding issues however it could not inform jokes,” Buffett mentioned. “Invoice advised me that forward of time and ready me. Nevertheless it simply is not there.”
Munger appeared to agree, admitting that he was “personally skeptical” of the hype surrounding AI and its infiltration into so many industries.
“I feel old style intelligence works fairly effectively,” he quipped.
Each Buffett and Munger have been skeptical of newer technological developments, particularly as they pertain to adjustments within the monetary trade.
Finally 12 months’s assembly, Munger infamously criticized cryptocurrency, urging the U.S. to ban its use and likening its existence to a “venereal illness.”
“I definitely did not put money into crypto. I am pleased with the very fact I’ve prevented it,” he mentioned. “I want it had been banned instantly, and I like the Chinese language for banning it. I feel they had been proper and we have been flawed to permit it.”
Berkshire Hathaway was up simply shy of 5.5% in a one-year interval as of Monday morning.
