Buffett, also known as the “Oracle of Omaha,” is worried about how AI could affect society.

At the Berkshire Hathaway (NYSE: BRK.A) annual meeting on Saturday, Warren Buffett and Charlie Munger shared their thoughts on artificial intelligence (AI). Buffett acknowledged AI’s “amazing” capabilities but said he was worried about its potential long-term impact on society, citing the example of the atom bomb.

“When something can do all kinds of things I get a little bit worried, because I know we won’t be able to un-invent it,” said the Oracle of Omaha. “We did invent—for very, very good reason—the atom bomb in World War II, and it was enormously important that we did so. But is it good for the next 200 years of the world that the ability….has been unleashed?” (Fortune)

Munger was more critical of the technology, however. “I am personally skeptical of some of the hype that has gone into artificial intelligence,” he said.

“I think old-fashioned intelligence works pretty well,” Munger added, to much applause.

Munger’s “hype” comment may be on point – in Q1 2023 earnings calls, AI was mentioned more than 1,070 times, reflecting how keen managements were to show that they were in sync with the technology.

Buffett received a 101 on ChatGPT from billionaire friend Bill Gates. In characteristic fashion, he quipped:

“But the computer could not tell jokes…I told Bill to bring it back when I can ask it, ‘How are you going to get rid of the human race?’ I want to see what it says—and pull the plug out before it does it.”

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