Speaking at the annual shareholder meeting of Berkshire Hathaway, Buffett highlighted the potential misuse of AI in fraudulent activities. "When you think about the potential for scamming people ... if I was interested in investing in scamming, it's gonna be the growth industry of all time and it's enabled, in a way" by AI, he warned. He further elaborated on the technology's capacity to generate deceptive content that could be used to divert funds to unscrupulous individuals.
Fraudsters have been known to leverage AI technologies such as voice-cloning and deep-fake to create manipulated videos and images, impersonating a person's acquaintances to solicit money or personal information.
Despite his concerns, Buffett acknowledged the potential benefits of AI. "Obviously, AI has potential for good things too, but ... I do think, as someone who doesn't understand a damn thing about it, it has enormous potential for good and enormous potential for harm — and I just don't know how that plays out," he said.
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AI has been a hot topic on Wall Street for over a year, with investors banking on the technology's potential to boost profits. Companies like Nvidia and Meta Platforms have seen their stocks soar by 507% and 275% respectively since the end of 2022, riding on the AI wave.
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However, Buffett confessed his lack of familiarity with AI and drew a parallel between its potential and that of nuclear weapons in the 20th century. "I don't know anything about AI. That doesn't mean I deny its existence or importance or anything of the sort," he said, adopting a cautious tone. He likened the unleashing of AI to the release of the 'genie from the bottle' with nuclear weapons, expressing his fear over the destructive power of both.
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"I don't know any way to get the genie back in the bottle, and AI is somewhat similar. It's part of the way out of the bottle, and it's enormously important and it's going to be done by somebody ... whether it's going to change the future of society, we will find out later," Buffett concluded.
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