What Warren Buffett, Mark Cuban, Jamie Dimon and other business leaders said about AI in 2024: ‘the consequences will be extraordinary’

In just a few years, generative AI has gone from a lighthearted curiosity — known for gimmicky chats and surreal images — to an essential tool for businesses.

As of 2024, nearly two-thirds of organizations are using gen AI for tasks like automating customer service, analyzing data and streamlining operations — double the adoption rate from 2023, according to a global survey by consulting firm McKinsey.

AI’s cultural and economic impact is only beginning to be felt, but Goldman Sachs estimates it could boost global GDP by $7 trillion in the next decade.

In the meantime, AI’s rise has generated both enthusiasm and concern among business leaders, with some hailing it as transformative as the internet, while others warn of slower innovation and ethical risks.

Here’s a look at what CEOs, billionaire investors and tech founders said about AI in 2024.

AI is a world-changing innovation like the internet or printing press

JPMorgan Chase CEO and chairman Jamie Dimon, one of the most influential voices in global finance, has been a steadfast champion of AI. 

The financial services giant has integrated AI into its operations for over a decade and currently employs more than 2,000 AI and machine learning experts across divisions, including marketing, fraud prevention and risk management. 

In his annual letter to shareholders in April, Dimon described AI’s potential impact: “We are completely convinced the consequences will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years. Think the printing press, the steam engine, electricity, computing and the Internet, among others.”

Similarly, Microsoft co-founder Bill Gates wrote that AI “will utterly change how we live our lives, online and off,” in a Nov. 9 blog post.

AI will keep getting better, but slowly

Despite the enormous strides made by generative AI in recent years, its development is entering a slower, more incremental phase, said Google CEO Sundar Pichai at the New York Times’ DealBook Summit in December.

The “low-hanging fruit is gone,” and the next breakthroughs will require deeper innovation, Pichai said. Current language learning models like ChatGPT are improving at tasks like reasoning and completing sequences reliably, but another seismic shift isn’t likely to happen soon.

Microsoft CEO Satya Nadella shares this perspective, but urges businesses to embrace AI now, even if its most transformative potential might still be years away. He compared AI’s progress with the slow beginnings of the Industrial Revolution, emphasizing the need for patience and innovation.

Nadella acknowledged that AI’s benefits haven’t yet outweighed its costs, and said its effectiveness will take time to be reflected in profits. For now, its greatest value lies in boosting productivity and preparing industries for more advanced uses in the future, he said.

Ethical concerns make AI a ‘genie’ in a bottle

As generative AI advances, some business leaders are more cautious about the technology.

Berkshire Hathaway CEO Warren Buffett compared the invention of AI with the development of the atomic bomb at the annual meeting of Berkshire shareholders in May.

Like nuclear technology, Buffett likened AI to a powerful and world-changing “genie” that, once released, can never be fully contained. “We may wish we’d never seen that genie, or it may do wonderful things,” he added.

This is especially true when it comes to AI’s potential for scams. After seeing an AI-generated version of himself online that even his family wouldn’t recognize as fake, Buffett joked, “I practically would send money to myself over in some crazy country.”

Billionaire investor Mark Cuban also shared his skepticism about AI in an interview with Wired earlier this year.

He argued that generative AI, which relies heavily on massive text datasets, lacks the adaptability needed for real-world problem-solving. “Wisdom doesn’t come with text,” said Cuban, highlighting how AI struggles with tasks that require true contextual understanding or intuition.

Despite these challenges, which he believes could take years to overcome, Cuban doesn’t think AI is overhyped. Instead, he emphasized the importance of U.S. investment in the technology, warning that global stability depends on it.

“Our military dominance, our place in the world depends on our ability to invest in AI,” Cuban told Wired. “Period. End of story.”

Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank,” which features Mark Cuban as a panelist.

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