Charlie Munger, the 99-year-old vice chairman of Berkshire Hathaway and Warren Buffett’s trusted advisor, isn’t sold on the hype surrounding artificial intelligence (AI) despite its massive investments on Wall Street this year.
During a recent appearance at Zoom’s Zoomtopia conference, Munger shared his skepticism about the AI sector, which has been hailed by many as the next big thing. “I think it’s very overrated,” Munger commented, “And I think it probably gets more attention than it deserves.”
Munger emphasized that AI isn’t a novel concept, stating, “We’ve always had AI where software makes more software. And of course, it is very useful, but it has been around for a long time.”
In addition to his thoughts on AI, Munger didn’t hold back when discussing cryptocurrencies, particularly Bitcoin. He expressed his strong disapproval, labeling it as “the stupidest investment I’ve ever seen.” He even went on to predict the demise of most cryptocurrencies, stating, “Most of these investments will go to zero.”
Munger’s critique of cryptocurrencies is nothing new; he has previously likened Bitcoin to “rat poison” and compared other digital currencies to a “venereal disease.” His discomfort with the crypto market and its players remains unwavering.