Berkshire shares surge as Wall Street swoons amid AI fears

Berkshire Hathaway shares rose as US markets fell amid investor anxiety about artificial intelligence, while Warren Buffett discussed AI’s potential effects on jobs and society. He said major advances could make production far less labour-intensive, bringing benefits but also disruption and challenges for democracy.

Buffett said he had no special insight into AI, but expected significant developments in the coming decades, possibly sooner. He imagined a scenario in which machines enabled one person to produce the country’s output, and said the resulting changes would reshape work, government and social expectations; Charlie Munger questioned whether a society centred on leisure would be good for America.