Monday, April 15, 2024
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Billionaire Blackstone CEO Steve Schwarzman Invests Over $500 Million in Artificial Intelligence Despite Concerns Over Potential Misuse

Billionaire Blackstone Inc. Co-Founder and CEO Stephen Schwarzman recently highlighted the significant benefits and risks associated with the rapid progression of artificial intelligence (AI).

Speaking at the FII Priority Miami Summit, Schwarzman discussed the ethical aspects of AI technology, advocating for global cooperation to guard against its misuse by criminals and rogue nations.

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During his presentation, Schwarzman expressed his amazement at the “astounding power of AI” and its potential impacts on humanity. He also raised concerns about the technology falling into the wrong hands, as criminals may not be very intelligent, but AI can think on their behalf, exacerbating the issues they cause.

The Blackstone CEO emphasized the potential for AI to transform the landscape of national security, including the possibility of a “sci-fi war of machines,” a situation exemplified by the ongoing conflict in Ukraine and the use of drones.

Schwarzman’s remarks were part of the FII Priority Miami Summit, which attracted around 850 participants, including entrepreneurs, politicians, and investment bankers. The event centered on integrating advancements in AI, robotics, healthcare, finances, and sustainability into global society. In a panel discussion titled “Board of Changemakers: A Roundtable of Global CEOs,” Schwarzman advocated for the creation of a centralized, supranational body to oversee AI, stressing the need for broad cooperation to prevent discord.

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

Schwarzman’s exploration of AI began in 2015 after a meeting with Alibaba Group Co-Founder Jack Ma, sparking his interest in the technology. Since then, he has immersed himself in understanding the various implications of AI, balancing the cautious outlook 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, especially in healthcare where it could significantly speed up drug production, was a central theme of Schwarzman’s talk. He also discussed Blackstone’s role as a major player in commercial real estate and the construction of essential data centers for AI development.

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

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This article 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 originally appeared on

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Leah Sirama
Leah Sirama
Leah Sirama, a lifelong enthusiast of Artificial Intelligence, has been exploring technology and the digital realm since childhood. Known for his creative thinking, he's dedicated to improving AI experiences for all, making him a respected figure in the field. His passion, curiosity, and creativity drive advancements in the AI world.


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