Warren Buffett has cautioned about the possible drawbacks of artificial intelligence technology and is not yet hopping on the bandwagon.
At Berkshire Hathaway's annual shareholder meeting on Saturday, Buffett stated, "When you think about the possibilities for scamming people... if I was interested in investing in scamming, it is going to be the growth sector of all time and it is enabled, in a way." Buffett brought up the technology's capacity to replicate deceptive and realistic information in an attempt to fund criminal activity.
Artificial intelligence (AI) voice cloning and deepfake technology are known to be used by scammers to modify videos and photos that purport to be someone is family or friend in order to demand money or personal information.
"I think, as someone who does not understand a damn thing about it, that AI has great potential for good and enormous potential for harm — and I just do not know how it plays out," Buffett continued. "Obviously, AI has potential for good things too."
For over a year, artificial intelligence (AI) has been the talk of Wall Street as investors placed bets on the technology's ability to increase earnings in the future. During the AI boom, stocks like Nvidia and Meta Platforms have surged, rising 507% and 275%, respectively, since the end of 2022.
The legendary investor, nevertheless, acknowledged that he does not know much about AI and compared its potential to that of the atomic bomb in the 20th century.
"AI is something I know nothing about. Buffett added cautiously, "That does not imply I reject its existence or importance or anything of the type. "It worries the crap out of me that we let the genie out of the bottle when we produced nuclear weapons, and that genie has been doing some horrific things lately."
AI is a little bit like the genie that I do not know how to put back in the bottle. It is a necessary step in the process of getting out of the bottle, and someone has to do it. Buffett continued, "We will find out later whether it will have a significant impact on society going forward.
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