At the recent Berkshire Hathaway annual shareholder meeting, Warren Buffett spoke about his deep concerns and the profound impact Artificial Intelligence (AI) could have. He even likened its transformative power to that of nuclear energy. Buffett highlighted a startling personal encounter with AI technology, where he saw a hyper-realistic video of himself delivering a message he never actually did.
He said, “I had one experience that does make me a little nervous, and I’ll just explain it. Fairly recently, I saw an image in front of my eyes on the screen, and it was me and it was my voice. And wearing the kind of clothes I wear. My wife or my daughter wouldn’t have been able to detect any difference. And it was delivering a message that no way came from me.”
Buffett admitted his limited understanding of AI but recognised its significance and even its irreversibility, much like the atomic forces unleashed in the last century. He said, “Last year I said that we let a genie out of the bottle when we, when we developed nuclear weapons, and that Genie has been doing some terrible things lately. And the power of that genie is what, you know, scares the hell out of me. And then I don’t know any way to get the genie back in the bottle. And AI is somewhat similar.”
His statments revealed a cautious outlook on the technology's future, underscoring the unpredictable and possibly irreversible consequences of advanced AI systems. Despite these concerns, Buffett remained optimistic about the adaptability and intelligence of Berkshire Hathaway's leadership, expressing confidence in their ability to harness AI's positive aspects.
He discussed the potential for AI to bring "terrific benefits" if managed correctly, though he also acknowledged the inherent challenges in ensuring such outcomes. His thoughts also extended to the broader impacts on Berkshire's diverse business operations, from insurance and utilities to transportation and retail.