Berkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger preside over the 2023 Berkshire Hathaway annual meeting. (Source: CNBC screen capture)
Generative AI Generates Warnings By Billionaire Buffet And Partner Munger
While the introduction of a fantastic computer tool has some people excited about the next phase of AI, some people are terrified of it. And it shows the division we deal with in America on practically everything issue. Today our story focuses on two wealthy older men who don’t care for the new ChatGPT. Even when being introduced to it by Bill Gates, Warren Buffet was not a fan.
And it should be noted Buffet was not a believer in cryptocurrency either. He called it a venereal disease.
Reporters from the newyorkpost.com and finance.yahoo.com covered the annual Berkshire Hathaway meeting for investors. Buffet and his right-hand man Charlie Munger have been making the rounds recently to give interviews on CNBC and other media outlets. But neither of them was sold on this paradigm shift in the power of computers. Munger was evident in his feeling about ChatPGT:
“I am personally skeptical of some of the hype that has gone into artificial intelligence,” Munger said at the Berkshire Hathaway (BRK-A, BRK-B) annual meeting. “I think old-fashioned intelligence works pretty well.”
Although Buffett said he was impressed by AI’s vast capabilities, including checking all legal opinions “since the beginning of time,” he said he is a bit apprehensive about the technology.
“When something can do all kinds of things, I get a little bit worried,” the 92-year-old investor said. “Because I know we won’t be able to un-invent it and, you know, we did invent, for very, very good reason, the atom bomb in World War II.”
It might border on sounding like ‘ageism’ when we point out that both men are over or are nearly 90 years of age. And while they are highly successful as the holders of huge amounts of stock in various industries neither man is willing to welcome the algorithm that is rocketing up the stock market for the companies that are offering it.
AI has taken center stage on Wall Street since OpenAI launched the latest version of ChatGPT in late November. Since then, tech companies have grown increasingly interested in AI as ChatGPT became the fastest-growing app on record, and stocks such as Microsoft (MSFT), Nvidia (NVDA), and C3.ai. (AI) have skyrocketed.
What was even more interesting than the story on newyorkpost.com are the comments readers left below the story. They point out correctly that generative AI feels like it did when the internet was first born. Some were not impressed. Some felt it was evil. While still others saw the way to the future was going to be on the internet and now many of them are billionaires. The comments also included this by a person named Sale Batard
“No surprise that the people most worried about artificial intelligence are billionaires. I would also be terrified, as a billionaire, of an intelligence that could potentially ask the obvious question, ‘why do you need billions of dollars as a 92 year old man?’ OR ‘What is the purpose of spending ones entire life accumulating so much wealth and not sharing it with those who obviously need it more?’ Yes, AI is very dangerous to these people obviously.”
The public’s reaction to the story about Buffet and Munger was not very positive, to say the least. But it’s not likely to make Warren Buffet lose sleep.
Bill Gates, recently presented some of Microaoft’s AI technology to Buffett.
“It did these remarkable things but it couldn’t tell jokes,” Buffett said. “Bill told me that ahead of time and prepared me. But it just isn’t there.”
It seems that most of the world does not agree with Mr. Buffet or Mr. Munger. And it is much more than what the stock market is doing over generative AI. It is how generative AI like ChatGPT is literally remaking our society on every level. No matter what industry you search for, you will find AI. But now you will find the industries that adopt generative AI will prove to be far more successful and it will happen in record time.
Even without telling jokes.
read more at nypost.com
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