Warren Buffett, the co-founder, chairman, and CEO of Berkshire Hathaway, expressed concerns about the potential dangers of artificial intelligence at his annual shareholder meeting in Omaha, Nebraska. He compared AI to nuclear weapons, stating that it is already partially out of the bottle and could have significant negative repercussions. He noted that AI has the potential for both good and harm, and highlighted the growing issue of deep fakes and scams that could deceive even his own family. Despite acknowledging the potential benefits of AI, Buffett remains cautious about its impact.
Berkshire Hathaway has begun using AI in its operations to increase efficiency, with Greg Abel, the expected successor to Buffett, leading non-insurance operations. While AI may displace some labor, Abel mentioned that other opportunities may arise as a result. The company has not provided specific details on how they plan to utilize AI. The IMF reports that nearly 40% of global employment could be disrupted by AI, with various industries already experiencing significant transformations due to AI technologies.
Other major business figures, such as JPMorgan Chase CEO Jamie Dimon, have also expressed concerns about AI and its potential impact on business, the economy, and society. Dimon believes that AI could be as transformative as historical inventions like the printing press, steam engine, electricity, computing, and the Internet. He also acknowledged the risks associated with the AI boom, including cyber attacks and security threats. JPMorgan Chase is exploring the use of generative AI in various aspects of its operations, such as software engineering, customer service, and employee productivity.
A survey of 119 CEOs at the Yale CEO Summit revealed that 42% of them believe AI has the potential to destroy humanity within the next five to ten years. This alarming sentiment is shared by industry leaders, academics, and even some celebrities who have signed a statement warning of an “extinction” risk from AI. The statement, signed by top executives from companies like OpenAI, Google, and Microsoft, emphasizes the need for global efforts to mitigate the risks of AI, similar to other societal-scale risks like pandemics and nuclear war.
As the AI industry continues to grow and evolve, concerns about the negative impacts of AI persist among business leaders and experts. While there are potential benefits to AI technologies, including increased efficiency and productivity, the risks associated with misuse and exploitation are significant. It is crucial for society to address these concerns and work towards creating responsible and ethical AI practices to prevent potential harm and ensure a positive future for all. Buffett, Dimon, and other leaders are calling for greater awareness and action to safeguard against the potential dangers of AI and protect humanity from extinction risks.
