99-year-old Munger: AI is "overhyped"

Buffett's long-time partner, Charlie Munger, a skeptic of artificial intelligence, is not buying into the hype surrounding AI.

The 99-year-old Munger has been vice chairman of Berkshire Hathaway since 1978. At last week's Zoomtopia conference, he stated that "artificial intelligence has basically been overhyped."

Munger said:

I think it has been greatly overhyped, and I think it's gotten to be a mania practically.

He explained that AI is not something new and has been around for a long time.

We've always had artificial intelligence. Software creates more software, and of course, that's very useful. But we've had it for a long time.

Munger expressed similar views earlier this year at his annual meeting for The Daily Journal, a publication he owns. During the meeting, he said:

Artificial intelligence is enormously important, but there's an awful lot of foolishness in this field. It cannot cure cancer. It cannot do everything we want it to do.

Despite Munger's disdain for AI, The Daily Journal actually experimented with using AI to write articles as early as last summer.

Buffett, who is 93 years old, also shares Munger's skepticism towards AI.

When asked about how AI might impact Berkshire Hathaway at last year's annual shareholder meeting in May, he said:

There's nothing in artificial intelligence that will come close to replacing genetics. I would say that without any question whatsoever.

However, Buffett still has concerns about the threats posed by AI. He said:

It can do all kinds of things, and when something is omnipotent, I get a little worried because I know we can't wipe it out.