Warren Buffet, one of the world's most influential financial investors, recently appeared at Berkshire Hathaway's annual investors meeting to discuss various topics, one of which was how artificial intelligence will impact the stock market and society as a whole.
The Berkshire Hathaway CEO appeared at the Berkshire Hathaway annual meeting, nicknamed Woodstock for Capitalists, to answer several questions pitched by the company's shareholders. 92-year-old Buffett was joined by Berkshire Hathaway's 99-year-old Vice Chairman Charlie Munger. Buffett was asked by a member of the audience his thoughts on the emergence of artificial intelligence, which he then compared to the creation of the atomic bomb and paraphrased an Albert Einstein quote about the atomic bomb.
Admittedly, Buffett said that artificial intelligence has the power to "change everything in the world" and that it can do "remarkable things". Additionally, Buffett went on to say that when something can do "all kinds of things, I get a little bit worried". However, the world-famous investor led his answer by saying that "there won't be anything in AI that replaces Ajit", Berkshire Hathaway's Vice Chairman of Insurance Operations, then went on to recognize all of its capabilities and the fact that it won't be going away anytime soon.
Buffet said, "won't be able to uninvent it," and began to compare its potential dangers to the dangers that emerged when the atomic bomb was invented. The Berkshire Hathaway CEO explained that while the creation of the atomic bomb was "enormously important", would it be a "good" thing for the next "200 years?". Ultimately, Buffet recognizes that, at the time, the creation of the atomic bomb was necessary, but its mere existence had unintended consequences. AI seems to fall into that same category for Buffet.
Charlie Munger was asked the same question, and his answer was much shorter, with the 99-year-old investor saying that he's "personally skeptical" about the "hype that has gone into artificial intelligence" and that "I think old-fashioned intelligence works pretty well."
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