Monday, July 15, 2024
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Warren Buffett, Charlie Munger Slam AI Technology

Berkshire Hathaway’s annual shareholder meeting took place 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 the topics the duo broached was the sudden rise of AI and ChatGPT, something that Buffett isn’t too keen on as the technology continues to advance.

“When something can do all kinds of things, I get a little bit worried,” Buffett 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.”

Related: Warren Buffett and Partner Charlie Munger Reveal Their Best Business Advice For 2023

Buffett told audience members that he tried the tech 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 ahead of time and prepared me. But it just isn’t there.”

Munger seemed to agree, admitting that he was “personally skeptical” of the hype surrounding AI and its infiltration into so many industries.

“I think old-fashioned intelligence works pretty well,” he quipped.

Both Buffett and Munger have been skeptical of newer technological advancements, especially as they pertain to changes in the financial industry.

At last year’s meeting, Munger infamously criticized cryptocurrency, urging the U.S. to ban its use and likening its existence to a “venereal disease.”

“I certainly didn’t invest in crypto. I’m proud of the fact I’ve 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’ve been wrong to allow it.”

Berkshire Hathaway was up just shy of 5.5% in a one-year period as of Monday morning.

This story originally appeared on Entrepreneur

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