In 2024, Warren Buffett, Mark Cuban, Jamie Dimon, and other business leaders predicted that the consequences of AI would be extraordinary.

In a short time, generative AI has evolved from a novelty to a crucial business tool.

Nearly two-thirds of organizations are using gen AI for tasks like automating customer service, analyzing data and streamlining operations, which is double the adoption rate from 2023, according to a global survey by consulting firm McKinsey.

The cultural and economic impact of AI is just starting to be recognized, and Goldman Sachs predicts that it could increase global GDP by $7 trillion in the next ten years.

Business leaders have expressed both excitement and apprehension about the emergence of AI, with some viewing it as a game-changer like the internet, while others fear it could lead to slower innovation and ethical dilemmas.

In 2024, CEOs, billionaire investors, and tech founders shared their thoughts on AI.

AI is a world-changing innovation like the internet or printing press

Jamie Dimon, CEO and chairman of JPMorgan Chase, has consistently advocated for the use of AI in the financial industry.

Over a decade, the financial services giant has integrated AI into its operations and currently has more than 2,000 AI and machine learning experts across divisions, including marketing, fraud prevention, and risk management.

In his annual letter to shareholders in April, Dimon stated that AI has the potential to be as transformational as some of the major technological inventions of the past several hundred years, including the printing press, the steam engine, electricity, computing, and the Internet.

In a Nov. 9 blog post, Microsoft co-founder Bill Gates stated that AI will completely transform our daily lives, both online and offline.

AI will keep getting better, but slowly

Google CEO Sundar Pichai stated at the New York Times' DealBook Summit in December that although generative AI has made significant progress in recent years, its development is now entering a slower, more incremental phase.

Pichai stated that the "low-hanging fruit" has been picked and the next advancements will necessitate more profound innovation. Although current language learning models like ChatGPT are enhancing in tasks such as reasoning and completing sequences, a significant shift isn't expected to occur soon.

Satya Nadella, CEO of Microsoft, believes that businesses should embrace AI despite its transformative potential being years away. He compares AI's progress to the slow start of the Industrial Revolution, emphasizing the importance of patience and innovation.

Satya Nadella admitted that the benefits of AI have not yet surpassed its costs, and its impact on profits will take time to manifest. However, its primary advantage at present is increasing productivity and readying industries for future, advanced applications, he stated.

Ethical concerns make AI a 'genie' in a bottle

Some business leaders are becoming increasingly cautious about the advancement of generative AI technology.

At the annual meeting of Berkshire shareholders in May, Warren Buffett compared the creation of AI to the development of the atomic bomb.

As nuclear technology is to a powerful and world-changing "genie," Buffett likened AI to a genie that, once released, can never be fully contained. "We may wish we'd never seen that genie, or it may do wonderful things," he added.

Buffett joked that he would send money to himself after seeing an AI-generated version of himself online that his family couldn't recognize as fake.

In an interview with Wired this year, billionaire investor Mark Cuban expressed his doubts about AI.

Generative AI, which heavily relies on large text datasets, lacks the adaptability needed for real-world problem-solving, according to Cuban. He emphasized that wisdom doesn't come with text, and AI struggles with tasks that require true contextual understanding or intuition.

Although Cuban believes that the challenges could take years to overcome, he doesn't think that AI is overhyped. Instead, he emphasized the significance of U.S. investment in the technology and warned that global stability depends on it.

"Our global standing and military superiority hinge on our capacity to invest in AI, according to Cuban. This is a definitive statement."

Mark Cuban is a panelist on "Shark Tank," which CNBC owns the exclusive off-network cable rights to.

To earn extra money online, sign up for CNBC's course on passive income streams, starting tips, and real-life success stories.

Sign up for CNBC Make It's newsletter to receive expert advice on work, money, and life.