Berkshire Hathaway’s annual shareholder assembly befell 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 matters 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 apprehensive,” Buffett mentioned. “As a result of I do know we can’t have the ability to un-invent it and, you understand, we did invent, for very, superb cause, the atom bomb in World Warfare II.”
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Buffett informed viewers members that he tried the tech earlier this yr with the assistance of his buddy and fellow billionaire Invoice Gates.
“It did these exceptional issues but it surely could not inform jokes,” Buffett mentioned. “Invoice informed me that forward of time and ready me. But it surely 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 believe old style intelligence works fairly properly,” he quipped.
Each Buffett and Munger have been skeptical of newer technological developments, particularly as they pertain to modifications within the monetary trade.
Finally yr’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 spend money on crypto. I am happy with the actual fact I’ve averted it,” he mentioned. “I want it had been banned instantly, and I like the Chinese language for banning it. I believe they have been proper and we have been incorrect to permit it.”
Berkshire Hathaway was up simply shy of 5.5% in a one-year interval as of Monday morning.