Berkshire Hathaway’s annual shareholder meeting was held in Omaha, Nebraska over the weekend and included a Q&A with CEO and Chairman Warren Buffett and Vice Chairman Charlie Munger.
One of the topics the duo addressed was the sudden rise of AI and ChatGPT, something Buffett isn’t too excited about as technology continues to advance.
“If something can do all sorts of things, I get a little worried,” Buffett says called. “Because I know we can’t undo it, and you know, we invented the atomic bomb in World War II for a very, very good reason.”
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Buffett told viewers that he tried out the technology earlier this year with the help of his friend and fellow billionaire Bill Gates.
“It did these remarkable things, but it couldn’t tell jokes,” Buffett said. “Bill told me that beforehand and prepared me for it.
Munger seemed to agree admit that He was “personally skeptical” of the hype around AI and its infiltration into so many industries.
“I think old-fashioned intelligence works pretty well,” he joked.
Both Buffett and Munger have been skeptical of recent technological advances, particularly those related to changes in the financial industry.
At last year’s meeting, Munger scathingly criticized the cryptocurrency, calling on the US to ban its use and likening its existence to a “venereal disease.”
“I certainly haven’t invested in crypto. I’m proud that I avoided it.” he said. “I wish it had been banned immediately and I admire the Chinese for banning it. I think they were right and we were wrong to let it happen.”
Berkshire Hathaway was up just under 5.5% in a one-year period as of Monday morning.