Artificial intelligence (AI) has been a topic of discussion for years now, and it continues to make strides in various industries. One of the most prominent figures in finance, Warren Buffett, has also shared his thoughts on AI and its potential impact on businesses and society as a whole.
“There won’t be anything in AI that replaces Ajit,” Buffett said, referring to Ajit Jain who runs Berkshire’s insurance businesses. “It can do amazing things.”
Buffett revealed that Bill Gates had shown him some of the newest artificial intelligence initiatives, most likely from Microsoft (MSFT) – Get Free Report.
“It can do remarkable things, but it couldn’t tell jokes,” he said. “…but, you know, things like checking all the legal opinions since the beginning of time…it can do all kinds of things.”
That, he said, is what causes him to have concerns about the technology.
“And, when something can do all kinds of things, I get a little bit worried,” Buffett shared. “Because I know we won’t be able to uninvent it.”
The CEO stated that even the best intentions cannot avert calamities in the future.
“You know we did invent, for a very, very good reason, the atom bomb in World War II,” Buffett explained. “It was enormously important that we did so, but is it good for the next 200 years?”
Warren Buffett acknowledges that the atom bomb had to be developed, but he also recognizes the unforeseen repercussions of those decisions.
“Einstein said,” of the atom bomb, “this will change everything in the world except how men think and I say the same thing…with AI it can change everything in the world, except how men think and behave. That’s a big step to take.”
Munger was more relaxed in his short comment on AI.
“Personally, I am skeptical of some of the hype that’s going into artificial intelligence. I think old-fashioned intelligence works pretty well,” he said.
