The Way Billionaires Are Using AI Raises Serious Questions
If you had unlimited wealth at your disposal, would you still rely on ChatGPT? This question was posed in a recent report by JPMorgan, which surveyed 111 billionaire clients about their use of artificial intelligence. Their responses ranged from practical to downright puzzling, prompting concerns that some of the richest people on Earth might be experiencing AI-induced delusions.
Given the current hype around AI and the rapid rise of billionaires fueled by this technology, it is no surprise that AI adoption is widespread among the ultra-wealthy. According to the JPMorgan survey, 79 percent of billionaires use AI in their personal lives, while 69 percent apply it in their businesses. However, the ways in which they use AI have left many scratching their heads.
Unusual Uses Highlight the Way Billionaires Are Engaging with AI
One billionaire proudly shared that they were using AI to “design a blueprint for a plane they hope to build.” Considering AI’s well-documented flaws—such as its tendency to fabricate information on the spot—this claim raises doubts. It is hard to believe that generative AI tools, which often confuse fact with fiction and make significant errors despite massive investments, can produce reliable plans for a functional aircraft.
Another billionaire revealed they use AI as a “toy” to create bedtime stories customized for their child, with each story ending in an “emotional twist.” Child development experts have warned against depending on AI for raising children. It is striking that billionaires, with their vast financial resources, would resort to AI chatbots for something as personal as bedtime stories. They could easily commission custom children’s books tailored to their child’s interests, yet they choose to rely on AI-generated content.
One billionaire explained their perspective by saying, “The currency of life is time, not money.” They added, “You think carefully about how you spend one dollar. You should think just as carefully about how you spend one hour.” This view highlights why some billionaires might turn to AI—to save time, even if the results are questionable.
The report also mentions a case where an “AI-generated report helped avoid $100,000 in legal research costs.” This claim is dubious, especially since AI has been known to produce fabricated legal citations that have caused problems in court. Another eyebrow-raising example involves a billionaire family working with an AI team to develop holograms of elder family members for future generations.
Mixed Reactions Among Billionaires on AI’s Role
Not all billionaires appear to be swept up in AI enthusiasm. Some admit to “avoiding computers and relying on manual calculation or intuition,” acknowledging that AI can sometimes “hinder rather than help efficiency.” One JPMorgan client even dismissed the idea of artificial general intelligence—the concept of AI surpassing human intelligence—as a “total and complete utter waste of time.”
Some billionaires expressed concern about AI’s impact on employment and society. They worry about how many people might lose their jobs due to automation and what that will mean for the future. It is somewhat reassuring that those with immense wealth are mindful of the social consequences of AI.
Still, questions remain. If AI falls short of delivering on ambitious projects like airplane design, who will take on those tasks? The way billionaires are using AI reveals a mix of practical applications, questionable decisions, and genuine concerns. It is a complex picture that invites both skepticism and reflection on the role of AI in the lives of the ultra-rich.
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Source: original article.