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The opinion of the world's richest men on the AI boom. A brilliant invention or the ruin of humanity?

David Boulder
2. 4. 2023
4 min read

OpenAI has revolutionized the world with ChatGPT. There is even talk of a new internet or mobile phone. Theoretically, the only people who should be scared are those who could potentially have their jobs taken away by AI. But it's different. It's mainly the world's richest men who are afraid, but also excited.

What do well-known investors and entrepreneurs think about AI?

We're probably all excited about AI. A tool that makes working for a few hours a matter of seconds. A tool that reads millions of books for you and formulates them into a compact and understandable form tailored specifically for you. But that's scary. How can a human compete with something that sucks up information in seconds that a single human can't even contain in a lifetime? What are the opinions of a few well-known names?

Warren Buffett

One of the world's richest men and the best investors of all time is known for his distaste for modern technology. But what does he think of artificial intelligence?

Billionaire Warren Buffet warned that AI tools could disrupt society years before the release of ChatGPT. In 2017, the Berkshire Hathaway CEO suggested at the company's annual meeting that artificial intelligence could replace jobs.

"I would certainly think it would lead to substantially less employment in certain areas," he said. "But that's good for the company," he said.

In an ideal world, Buffett said, widespread automation could reduce the number of working hours, freeing up time for leisure. Companies could also employ fewer workers, he said. Despite the potential benefits of artificial intelligence, Buffet said the technology could have huge problems when it comes to democracy.

https://www.youtube.com/watch?v=MC-8ondq-JE

"It would be good, but it would require a huge change in how people treat each other, what they expect from government and so on," Buffett said.

"Wouldn't it be great if one day we got to the point where robots were everywhere? They'd be running farms, they'd be running Apple, they'd be running Berkshire Hathaway - and all it would take is one person to push a button at the beginning of every morning, and all the goods and services we get now would be spun by robots or whatever?"

Which kind of makes it sound like Buffett is excited, but also very worried,

Elon Musk

One would expect the tech genius and space conqueror to adore AI, on the other hand. But the opposite is true.

"AI one of the biggest risks to the future of civilization", Musk said.

Musk wrote on Twitter last December that ChatGPT, a text-based chatbot developed by OpenAI that can write prose, poetry or even computer code on command, "is scary good. We're not far from a dangerously powerful artificial intelligence".

"We need some sort of regulatory body or something to oversee the development of AI, .

https://www.youtube.com/watch?v=jJbKdue5vdc

Bill Gates

Gates urged governments to work with industry to "limit the risks" of artificial intelligence, but said the technology can be used to save lives.

"Improvements based on artificial intelligence will be especially important for poor countries, where the vast majority of deaths of children under five occur," he wrote. Many people in these countries never get to see a doctor, and AI will help the health workers who do visit them to be more productive."

"Market forces will not naturally create AI products and services that help the poorest," he said. "The opposite is more likely. With reliable funding and the right policies, governments and philanthropy can ensure that AI is used to reduce inequality."

"Just as the world needs its smartest people to focus on its biggest problems, we will need to focus the best AI on its biggest problems."

https://www.youtube.com/watch?v=gPNw4LLx1PY

Gates also told Forbes magazine that it was "pretty fantastic" that AI could be "a math teacher available to students in poor neighborhoods"

According to Gates, there aren't enough people for such meritorious purposes, and AI could help fill that need. Gates said he likes to use ChatGPT for fun as well as serious stuff.

Disclaimer: This is in no way an investment recommendation. This is purely my summary and analysis based on data from the internet and other sources. Investing in the financial markets is risky and everyone should invest based on their own decisions. I am just an amateur sharing my opinions.

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