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Warren Buffett’s Insights on AI

Warren Buffett’s Insights on AI

Fiscal Deficit, Fraud, and Looming Threat

Saidul Islam
May 08, 2024

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⚠️ Warren Buffett's Warnings on AI

🤖 US vs China

🍎 Apple launches M4 chip is here.

📊AI Tokens Boost Crypto-Market.

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AI Scams

Warren Buffett's Warnings on AI.

Warren Buffett warned about the potential for AI-powered fraud. He compared the development of AI to the creation of nuclear weapons, stating, "We let a genie out of the bottle when we developed nuclear weapons… And AI is somewhat similar". He further predicted that scamming is going to be the growth industry of all time.

Fiscal Deficit: A Looming Threat

Buffett expressed concern about the fiscal deficit, stating, "I can’t help thinking about the fiscal deficit. It’s what we should be focused on". He praised Federal Reserve Chairman Jay Powell but pointed out that Powell does not control fiscal policy.

Paramount Bet: A Learning Experience

Buffett admitted to a losing bet on Paramount, stating, "I was 100% responsible for the Paramount decision. We sold it all, and we lost quite a bit of money. I’m smarter now than I was a couple years ago".

Life Lessons and Tributes

Buffett offered a raft of life advice and paid tribute to his late business partner, Charlie Munger. He also expressed his expectation for his successor, Greg Abel, to work long past 65.

Berkshire Hathaway’s Performance

Despite Buffett’s wisdom and experience, Berkshire Hathaway has underperformed US tech in the last 20 years. An investor who put $10,000 in Berkshire 20 years ago would have $65,300 today versus $110,700 in the Nasdaq.

AI News

US vs China: Who Will Win Humanoid Robot Race?

China sees humanoid robots as a new “disruptive technology as important as the arrival of computers, smartphones and new-energy vehicles,” according to China’s Ministry of Information and Technology. The world is at the dawn of a revolution that "will profoundly change production, human lifestyles and global industrial development.

UBTech: Leading the Way in Humanoid Robots

UBTech, a company founded in 2012 in Shenzhen, aims to revolutionize industry and human services by taking robotics into a new era: that of artificial bipeds, capable of interacting with humans. On December 29, for the first time in the Hong Kong Stock Exchange, it was not a man but a humanoid robot, Walker S, that struck the gong to launch the IPO of UBTech.

Humanoid Robots: Partners, Not Just Equipment

Kawada, the Japanese leader in robotics, says they want to free humans from menial, repetitive tasks so that they can focus on tasks that create and generate added value. Humanoid robots are not just equipment, they are now partners, says Kawada.

The Global Race for Humanoid Robots

Driven by advances in artificial intelligence, the development of human-shaped robots is accelerating on both sides of the Pacific. While China sees it as a way of accelerating modernization of its industrial base, American venture capitalists are betting on their mass adoption in warehouses and factories.

Apple New Release

Apple launches M4 chip is here.

Apple has unveiled its homegrown M4 chip with a surprisingly powerful neural processing unit (NPU). The Arm-compatible M4, which is just months after the release of the M3, is a powerhouse. It has four performance and six efficiency CPU cores, all of which include ML accelerators. The M4 also has a 10-core GPU that supports hardware-accelerated ray tracing on the iPad and speeds up rendering times.

The Neural Engine: A Leap in AI Processing

The Neural Engine in the M4 is capable of 38 trillion operations per second (TOPS), presumably using INT8. This peak figure surpasses AMD’s Ryzen 8040 series, with its 16 TOPS, and Intel Meteor Lake, which has an NPU able to reach 11 TOPS. “The Neural Engine in M4 is Apple’s most capable yet, and is more powerful than any neural processing unit in any AI PC today,” Apple boasted.

The New iPad Pro: Harnessing the Power of M4

The M4 was announced alongside the latest generation of the iPad Pro, which Apple describes as an "outrageously powerful device for AI". The refreshed iPad Pro with onboard M4 comes in two sizes - 13 and 11-inches - both of which sport a new “tandem OLED” display that Apple has dubbed Ultra Retina XDR.

Thinnest Apple Product Ever

The new iPad Pros are Apple’s “thinnest product ever” at just 5.3mm (0.209 inches, 11" model) and 5.1mm (0.201 inches, 13" model). The device is also getting a storage boost, with the introductory model starting at 256GB and options available through to 2TB1. RAM ranges from 8GB to 16GB.

New Accessories: Apple Pencil Pro and Magic Keyboard

An updated Magic Keyboard, with an added function key row and haptic feedback engine in the track pad, was also announced, but it’s only available for the iPad Pro. The newest Pencil is physically similar to the existing second-generation stylus, but adds some new features like a squeeze sensor that can bring up an on-screen menu, a haptic feedback engine, and a gyroscope to enable angular modifications of tools.

AI STOCKS

AI Tokens Boost Crypto-Market.

AI tokens such as RNDR, AGIX, FET have outshone bitcoin by a significant margin. RNDR, the utility token of decentralized GPU-based rendering solutions, The Render Network, has surged almost 40% to $10.432 in seven days. Other AI coins, such as SingularityNET’s AGIX, Bittensor’s TAO and Fetch.ai’s FET, have gained between 17% and 23%, outperforming the broader market.

Nvidia’s Impending Earnings Create Buzz

There is a strong buzz around Nvidia’s impending earnings. The chipmaker is set to report first-quarter earnings on May 22 after the market close1. Zacks Investment Research expects the company to report earnings per share of $5.49, a 403% year-on-year increase.

Nvidia Shares Hit One-Month High

Shares in NVDA rose to $922 on Monday, hitting the highest since April 1. They have recovered more than 20% from the low of $756 reached on April 19. Over the years, bitcoin and the broader crypto market have developed a strong positive correlation with NVDA.

AI Super Cycle

“We are in an AI super cycle right now,” one market observer said. Speculation is rife that OpenAI is likely to launch version 5 of ChatGPT in the coming months. Late last month, technology giants reported a better-than-expected quarterly earnings growth powered by substantial investments in artificial intelligence.