Bitcoin is “rat poison,” according to Berkshire Hathaway’s CEO Warren Buffett, but an even worse development in his view is artificial intelligence (AI). Speaking at their annual meeting in Omaha, Nebraska, the business tycoon and his vice chair Charlie Munger shared their skepticism and concern about the rapid advancements in AI, likening it to the atom bomb. Both voiced their agreement with other tech and business experts in warning against the dangers of accelerated and unsupervised training of powerful AI models.
Buffett warned that, as AI systems become more sophisticated and capable, their potential to do harm could outweigh their benefits for humanity. Drawing a parallel with the atom bomb, he said, “We did invent—for very, very good reason—the atom bomb, and I know we won’t be able to uninvent it. When something can do all kinds of things, I get a little bit worried.” He argued that if society starts to rely too heavily on AI systems, there could be disastrous consequences.
Munger expressed similar concerns, saying that he is “personally skeptical of some of the hype that is going into artificial intelligence.” He pointed out that, while AI tools like ChatGPT are already having an impact on the present, “old-fashioned intelligence works pretty well.” Munger’s skepticism may come as no surprise, given his longstanding distrust of cryptocurrencies like Bitcoin.
Buffett and Munger are not the only prominent figures in the world of technology who have raised concerns about the dangers of AI. Apple’s cofounder, OpenAI’s former head of the AI alignment team, and even the godfather of AI have all recently called for caution as AI begins to gain heat among investors and starts to appear in more headlines every day.
In light of these growing concerns, the question of whether society should embrace AI with open arms or approach it with wariness is becoming increasingly important. While many in the tech industry argue that AI has the potential to revolutionize the way we live, there are valid concerns about its potential destructive effects.
As AI continues to advance at a rapid pace, it is crucial for researchers, policymakers, and those in the tech industry to work together to ensure that AI is developed and implemented responsibly. This may involve creating frameworks for ethical AI development, providing proper oversight and regulation, investing in research to understand and address potential risks, and fostering an open dialogue about the societal implications of AI.
The discussion about AI, Buffett, and Munger’s skepticism and concern for its future impacts serves as a reminder that, as with any powerful technology, AI has the potential to bring about great change for better or for worse. Recognizing that potential – and working to guide it in a responsible and beneficial direction – is crucial to ensuring that AI’s impact on society is ultimately a positive one.
In addition to their comments on AI, Buffett and Munger also discussed Berkshire Hathaway’s operations and their investment strategies, noting that their portfolio was up 13% over the past year. Both reaffirmed their confidence in the American economy.
Munger also called for strengthening friendship ties with China, arguing that greater international cooperation and free trade are in the best interests of both countries. He described the current tensions between the US and China as “stupid” and urged for better relations to support global industries.
While neither Buffett nor Munger expressed support for Bitcoin or the wider cryptocurrency industry during the event, they did acknowledge that it is now easier for entrepreneurs to enter the business world due to increased investor appetite for trying new things in the markets. Buffett said, “There’s been a great increase in the number of people doing dumb things, and the reason they do it to some extent is that they can get money from other people much easier than when we started.”
