Billionaire Blackstone CEO Steve Schwarzman Has Poured Over $500 Million Into Artificial Intelligence Despite Worries About 'Sci-Fi War Machines' And AI Getting Into The Hands Of Criminals

Billionaire Blackstone Inc. Co-Founder and CEO Stephen Schwarzman recently underscored the potent benefits and perilous risks associated with the rapid advancement of artificial intelligence (AI). 

Speaking at the FII Priority Miami Summit, Schwarzman delved into the ethical dimensions of AI technology, advocating for global cooperation to safeguard against its misuse by criminals and rogue nations.

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During his address, Schwarzman shared his awe at the “astonishing power of AI” and its potential impacts on the human condition. He also expressed concern over the technology falling into the wrong hands, saying criminals are generally not very smart, but AI can think on their behalf, amplifying the issues they cause. 

The Blackstone CEO highlighted the potential for AI to alter the landscape of national security, including the prospect of a “sci-fi war of machines,” a scenario underscored by the ongoing conflict in Ukraine and the use of drones.

Schwarzman’s remarks came as part of the FII Priority Miami Summit, a gathering that drew about 850 attendees, including entrepreneurs, politicians and investment bankers. The event focused on integrating advancements in AI, robotics, healthcare, finances and sustainability into global society. Speaking on a panel titled “Board of Changemakers: A Roundtable of Global CEOs,” Schwarzman advocated for the establishment of a centralized, supranational institution to oversee AI, emphasizing the need for widespread cooperation to prevent discord.

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Schwarzman is not merely a commentator on AI but a substantial supporter of its development. He's donated approximately $500 million to AI education and research, including a landmark $350 million gift to the Massachusetts Institute of Technology (MIT) in 2018 and a substantial grant to Oxford. His enthusiasm for AI led Fox Business Network anchor Maria Bartiromo to dub him “the father of AI” during the summit.

Schwarzman’s journey into AI began in 2015 after a meeting with Alibaba Group Co-Founder Jack Ma, which piqued his interest in the technology. Since then, he has immersed himself in understanding AI’s varied implications, balancing the cautious perspective of figures like Tesla Inc. CEO Elon Musk with the optimism of others like former IBM CEO Virginia “Ginni” Rometty.

The impact of AI on society, particularly in healthcare where it could significantly accelerate drug production, was a major theme of Schwarzman’s discourse. He also touched on Blackstone’s role as a major player in commercial real estate and the construction of data centers essential for AI development.

Schwarzman’s contributions and insights into AI reflect a deep understanding of its potential to reshape industries and societies. However, his call for global cooperation and oversight highlights a critical awareness of the ethical and security challenges that accompany the technology’s advancement. As AI continues to evolve, the dialogue initiated by leaders like Schwarzman will be crucial in navigating its future trajectory.

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