Berkshire Hathaway’s annual shareholder assembly came about 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 know-how continues to advance.
“When one thing can do every kind 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, , we did invent, for very, excellent cause, the atom bomb in World Warfare II.”
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Buffett instructed viewers members that he tried the tech earlier this yr with the assistance of his buddy and fellow billionaire Invoice Gates.
“It did these outstanding issues however it could not inform jokes,” Buffett mentioned. “Invoice instructed 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 feel old school intelligence works fairly effectively,” 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 actually did not spend money on crypto. I am pleased with the actual fact I’ve prevented it,” he mentioned. “I want it had been banned instantly, and I love 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.
