Warren Buffett Warns of AI Scams as Emerging Growth Industry

Warren Buffett talks about how artificial intelligence has the huge potential for both good and bad things to happen. He stresses how easy it is for scams to work while also recognising its huge potential for good.

Warren Buffett isn’t fully on board with artificial intelligence (AI) just yet because he thinks the technology could be harmful.

When asked about investing in scamming, Buffett said, “If I were interested in investing in scamming, it’s going to be the growth industry of all time, and it’s enabled, in a way,” by AI. . This is what he said at Berkshire Hathaway’s annual meeting of shareholders on Saturday. Buffett said that the technology could be used to send money to bad people by making fake content that looked real.

Scammers are known to use deep-fake and AI voice-cloning technology to change videos and pictures so that they look like someone’s family and friends and ask for money or personal information.

“Of course, AI has the potential for good things too,” Buffett said. “But I do think, as someone who doesn’t understand a damn thing about it, that it has enormous potential for both good and bad, and I just don’t know how that plays out.”

AI has been the talk of Wall Street for more than a year as investors bet that the technology will help them make more money in the future.

During the AI boom, stocks like Nvidia and Meta Platforms have gone through the roof, rising 507% and 275% since the end of 2022.
He did say, though, that he didn’t know much about AI and compared its potential to that of the atomic bomb in the 20th century.

“I don’t know anything about AI.” “That doesn’t mean I don’t believe it exists or that it’s important or anything like that,” Buffett said in a cautious voice. “When we made nuclear weapons, we let the genie out of the bottle. That genie has been doing some terrible things lately, and the power of that genie scares the hell out of me.”

“I don’t know how to put the genie back in the bottle, and AI is a bit like that.” Someone is going to do it, and it’s going to be hugely important. “We will find out later whether it changes the future of society,” Buffett said.