Warren Buffet, one of the world’s most famous investors, warns about the harmful potential of Artificial Intelligence and talks about AI-based scams

Warren Buffett, the founder of Berkshire Hathaway, warned about the harmful potential of the industry that is now “on the wave” – ​​Artificial Intelligence, reports CNBC.

“When you think about the potential to cheat people … if I were interested in investing in cheating, that’s going to be the growth industry and it’s enabled, in a way” by artificial intelligence, Buffett said at Berkshire Hathaway’s annual shareholder meeting on Saturday. Buffett pointed to technology’s ability to reproduce realistic and misleading content in an attempt to send money to criminals.

Scammers have been known to use AI voice cloning and deep-fake technology to manipulate videos and images posing as a person’s family and friends to ask for money or personal information.

“Obviously, AI has potential for good things, but … I think, as someone who understands absolutely nothing about it, that it has enormous potential for good and enormous potential for bad — and I just don’t know how that’s going to play out thing,” Buffett added.

Artificial intelligence has been the talk of Wall Street for more than a year, with investors betting on the technology’s potential to generate higher returns in the future. Stocks like Nvidia and Meta Platforms have soared during the AI ​​boom, up 507% and 275%, respectively, since the end of 2022.

However, the investment legend admitted that he is unfamiliar with AI and compared its potential to that of the atomic bomb during the 20th century.