Few ninety-year-olds would make people scream about their attitude towards artificial intelligence. But Warren Buffett, 92, and Charlie Munger, 99, gave their insights on today’s hottest technology Berkshire Hathaway Annual General Meeting on Saturday in front of an excited audience.
Buffett acknowledged the “amazing” capabilities of AI. He was playing around with OpenAI’s ChatGPT when heMicrosoft CEO Bill Gates showed him three months ago. (Microsoft has invested heavily in OpenAI.) But Berkshire’s CEO added:
“When something can do all sorts of things, I get a little worried because I know we can’t undo it. We invented the atomic bomb in World War II, for a very, very good reason, and it was hugely important that we did that. But is it good for the next 200 years of the world that the ability… was unlocked?”
He noted that Albert Einstein said the atomic bomb changed everything but how people think. (The exact quote read: “The unleashed power of the atom has changed everything but the way we think, and so we are drifting towards an unprecedented catastrophe.”)
Similar to AI, Buffett said, “It can change everything in the world except how people think and behave.”
As for Munger, the Berkshire vice chairman expressed his characteristic skepticism about the technology.
“Personally, I’m skeptical of some of the hype that has gone into artificial intelligence,” he said. “I think old-fashioned intelligence works pretty well.” (This line was applauded by the audience.)
“There will be nothing in the AI that will replace the G,” Buffett added. “I say that unreservedly.”
AGI or artificial general intelligence refers to the AI (eventually) getting to a point where it can find a solution to an unknown task. OpenAI Are defined it as “highly autonomous systems that outperform humans in the most economically valuable work”.
There is little doubt about the AI hype Munger was referring to. In the earnings calls for the first quarter so far this year, AI has been mentioned more than 1,070 times. accordingly Bloomberg has more than doubled year-on-year as companies seek to associate with the technology.
An exception was Apple, which AI addressed only once in its earnings call when CEO Tim Cook briefly answered a question about it in the Q&A session. Cook said AI is “huge” but warned It is “very important to be thoughtful and thoughtful” when using the technology.
As luck would have it, Buffett heaped praise on Apple at today’s conference, call it better than any other company in Berkshire Hathaway’s portfolio.
buffet too shared his thoughts about KI this week with local broadcaster WOWT in Omaha, Nebraska, where the conference is taking place.
“It won’t tell me which stocks to buy or anything like that,” Buffett said. “It can tell me in three seconds or so any stock that meets a certain criterion or criteria. But it does have definite limitations in some ways.”
“It’s very interesting,” he continued. “It can translate the constitution into Spanish in a second. But the computer couldn’t tell any jokes… I told Bill to bring it back if I can ask him, ‘How do you get rid of the human race?’ I want to see what it says – and unplug it before it does.”
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