During Berkshire Hathaway’s annual shareholder meeting, co-founder Warren Buffett shared his concerns about artificial intelligence (AI), particularly in the context of deepfakes and financial scams.
Buffett, currently the ninth richest person globally with his net worth increasing by $16 billion in the first five months of 2024, addressed the audience in Omaha, Nebraska. He initially discussed the company’s robust growth and resilience following the death of vice chairman Charlie Munger in November 2023.
However, the discussion soon shifted towards AI. In a Q&A session, Buffett admitted his limited knowledge of AI but acknowledged its significance. He expressed alarm over AI’s role in facilitating scams, likening its impact to that of nuclear weapons. This comparison came after he encountered a deepfake that convincingly mimicked his appearance and behavior.
Buffett remarked, according to a meeting transcript, “Scamming has always been part of the American scene, but with AI, if I were interested in scamming, I’d say it’s poised to become the growth industry of all time. I don’t know how you stop it based on what I recently saw. I practically would send money to myself over and over in some crazy country.”
While this isn’t Buffett’s first time highlighting the potential dangers of AI, it’s significant given that Berkshire Hathaway’s largest investment is in Apple, the world’s second most valuable company. Apple recently lost its top spot to Microsoft, which has made substantial investments in ChatGPT maker OpenAI, positioning itself at the forefront of AI technology. In response, Apple has been focusing more on developing generative AI products.