#美国核心物价涨幅不及市场预估 Warren Buffett has recently issued another warning about the potential risks of artificial intelligence, and his tone is remarkably stern. He directly compares the threat of AI to "nuclear-level technological power," which is not alarmist but based on a reality: even top experts in the AI field cannot predict what this technology will ultimately evolve into.

This uncertainty itself is a risk. Buffett uses a vivid metaphor—"a fairy escaping from a magic bottle." Once AI is deeply embedded in all corners of society, it cannot be taken back. The chain reactions it may trigger far exceed current regulatory and governance capabilities.

However, it is important to note that Buffett does not deny the commercial value of AI. What he truly worries about is the amplification effects of AI in financial fraud, information manipulation, and public opinion control. This risk awareness is directly reflected in his investment decisions: Berkshire Hathaway has long bet on predictable industries such as insurance, energy, and consumer staples, while indirectly sharing AI growth dividends through holdings in tech giants like Apple and Alphabet. This way, he avoids missing opportunities while not becoming a gambler.

What is even more noteworthy is Berkshire's current capital allocation. By the end of 2025, their cash and cash equivalents will have hit a record high. In an environment of high valuation and high uncertainty, cash has become a scarce "margin of safety." Buffett has repeatedly emphasized that while cash is not the best long-term asset, it is a necessary safeguard against extreme risks.

With the new CEO taking office, market focus is shifting from "the personal judgment of the stock genius" to "institutionalized capital allocation ability." Perhaps Buffett's greatest legacy is not a successful stock-picking case but his profound understanding of risk, time, and human limitations.