At the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska, Warren Buffett and Charlie Munger discussed the rise of Artificial Intelligence (AI) and ChatGPT, an AI technology. Buffett was not keen on the idea and was concerned with the ramifications of technology that can “do all kinds of things”, citing the invention of the atom bomb in World War 2 as an example. Munger was also skeptical of the hype surrounding AI, saying that “old-fashioned intelligence works pretty well”.
Berkshire Hathaway is one of the most successful companies in the world, with Warren Buffett serving as Chairman and CEO and Charlie Munger acting as Vice Chairman. Both men have enjoyed tremendous success in the investing world, and they are widely respected as some of the best in their field. Buffett is also widely recognized for his philanthropic efforts, including the Buffett Foundation and the Giving Pledge, a commitment by the world’s wealthiest individuals to donate the majority of their wealth to charity.
At the Omaha meeting, Buffett and Munger’s discussion turned to AI and the implications of its rapid rise. The pair discussed how they were skeptical of the technological advancements, drawing on the analogy of the invention of the atom bomb and worrying that it may be impossible to “un-invent” it. They suggested that the technology still has a ways to go, as Buffett said when he used the tech with his friend and fellow billionaire Bill Gates, it “did these remarkable things but it couldn’t tell jokes.”
These comments come as a surprise for Buffett and Munger, who have criticized cryptocurrency in the past. Munger described it as a “venereal disease”, and Buffett has avoided investing in it entirely. While the two are skeptical of new technology, their open dialogue and advice have served to benefit their shareholders and provide insight into their views on the updated world of investing.
