PoliticsIn final address, Biden warns of rise of tech industrial complex while outlining threats, challengesBiden's farewell address | Special Report President Biden, in his farewell address to the nation Wednesday, spent little time dwelling on the accomplishments of his single term in office, instead telling Americans he wanted to use his final address "to warn the country of some things that give me great concern."Calling to mind President Dwight Eisenhower's farewell address, he warned of the dangers of the potential rise of a tech industrial complex to the U.S. He noted that the 34th president "spoke of the dangers of the military industrial complex," warning us of 'the potential for the disastrous rise of misplaced power.'"Now, "six decades later, I'm equally concerned about the potential rise of a tech industrial complex," Mr. Biden said."Americans are being buried under an avalanche of misinformation and disinformation enabling the abuse of power," the president warned. "The free press is crumbling. Errors are disappearing. Social media is giving up on fact checking. The truth is smothered by lies told for power and for profit." And meanwhile, he added, "artificial intelligence is most consequential technology of our time, perhaps of all time."Mr. Biden also expanded on the critical role of democracy in the U.S., which he has said in the past motivated him to run for the presidency four years ago. He talked about respecting the institutions that govern a free society the presidency, the Congress, the judiciary and a free press."In the past four years, our democracy has held strong, and everyday, I've kept my commitment to be president for all Americans in one of the toughest periods of our nation's history," Mr. Biden said.He said he was worried about "a dangerous concentration of power in the hands of a very few ultra-wealthy people, the dangerous consequences if their abuse of power is left unchecked.""Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms and a fair shot for everyone to get ahead," Mr. Biden said. He added that the consequences could be seen across the country. It was, he said, something that had happened over a century earlier, but "the American people stood up to the robber barons back then."Mr. Biden delivered his fifth and final formal Oval Office address five days before he'll pass the mantle of the presidency to the man who is both his predecessor and successor, President-elect Donald Trump.His speech also came hours after he announced aceasefire and hostage release dealbetween Israel and Hamas, a deal the U.S. was heavily involved in negotiating. The deal was the first issue the president mentioned in his speech Wednesday night, and he noted that his administration kept in touch with Trump officials during the negotiations."This plan was developed and negotiated by my team, and it will be largely implemented by the incoming administration. That's why I told my team to keep the incoming administration fully informed because that's how it should be working together as Americans.""This will be my final address to you, the American people, from the Oval Office, from this desk as president," he said. "And I've been thinking a lot about who we are, and maybe more importantly, who we should be."Wednesday night's speech wraps up not only Mr. Biden's time as president, but his time in elected office. Apart from the four years following his vice presidency, Mr. Biden has held elected office every year since 1973.In his address Wednesday, Mr. Biden for the first time took a position on term limits for the Supreme Court. He proposed a term limit of 18 years for justices. And he also called on Congress to amend the Constitution to "make clear that no president, no president is immune from crimes that he or she commits while in office." Neither is likely to happen.On the foreign policy front, the president said his administration "strengthened" NATO, noted Ukraine remains free and said the U.S. has pulled ahead in its competition with China. He emphasized the critical role artificial intelligence will play in the future, and said the U.S. not China must lead the way in this field.The president highlighted his domestic policy work as well, including the enactment of the bipartisan gun control law, a measure that helps veterans exposed to toxic material, as well as job creation policies."I'm so proud of how much we've accomplished together for the American people. And I wish the incoming administration success, because I want America to succeed," he said.From left, second gentleman Doug Emhoff, Vice President Kamala Harris, first lady Jill Biden and Hunter Biden, listen as President Joe Biden speaks from the Oval Office of the White House as he gives his farewell address Wednesday, Jan. 15, 2025, in Washington. (Mandel Ngan/Pool via AP) Mandel Ngan / AP As he leaves public office, Mr. Biden told Americans it's "your turn to stand guard.""May you all be the keeper of the flame," he said. "May you keep the faith. I love America. You love it, too. God bless you all, and may God protect our troops."Mr. Biden has been on an informal farewell tour in recent days. He delivered his final foreign policy speech at the State Department Monday and a speech on his conservation legacy Tuesday. He's also expected to speak Thursday at a Pentagon commander-in-chief farewell ceremony.More from CBS NewsIn: Joe BidenKathryn WatsonKathryn Watson is a politics reporter for CBS News Digital, based in Washington, D.C.