Warren Buffett’s flock is headed to the Midwest for Berkshire Hathaway’s 59th annual shareholder meeting this weekend. Investors will be looking to the Oracle of Omaha and his quick-witted right-hand man Charlie Munger for reassurance amid recent turmoil in the banking industry. Even today, the pair of nonagenarians’ impact on investor confidence and the marketplace of ideas in economics remains palpable.
Luke Sernau, a senior Google engineer, made that clear when he referenced one of Buffett's most famous theories—the economic moat—in an internal document released Thursday by the consulting firm SemiAnalysis, titled “We have no moat. And neither does OpenAI.” In the document, which was published within Google in early April, Sernau claimed that the company is losing its artificial intelligence edge, not to the flashy, Microsoft-backed OpenAI—whose ChatGPT has become a huge hit since its release last November—but to open-source platforms like Meta’s LLaMa, a large language model that was leaked to the public in February.
