AI Scamming To Emerge As Next 'Growth Industry', Says Warren Buffett
This year's gathering marked a significant change as it was the first without Charlie Munger, Buffett's longtime investment collaborator.
Warren Buffett emphasised the potential for scams facilitated by artificial intelligence, labelling it a burgeoning industry with unparalleled growth prospects. "When you think about the potential for scamming people ... It's going to be the growth industry of all time ... It has enormous potential for good and enormous potential for harm," Buffett said at Berkshire Hathaway’s annual shareholder meeting on Saturday.
“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,” Buffett said.
The annual meeting of Berkshire Hathaway commenced in Omaha on Saturday. This year's gathering marked a significant change as it was the first without Charlie Munger, the vice chairman of Berkshire and Buffett's longtime investment collaborator, who passed away at the age of 99 in late November.
Buffett reflected on his approach to seeking advice following the passing of Charlie Munger, stating, "If I didn't think I could do it myself, I wouldn't have done it. So to some extent, I talk to myself about investments..."
The firm’s hoard increased to $189 billion at the end of the first quarter, topping the record it set at year-end. The company also reported first-quarter operating earnings of $11.2 billion, versus $8.07 billion for the same period a year earlier, according to Bloomberg report.
