Warren Buffett: Scammers Will Make Artificial Intelligence The Best Growth Industry Of All-Time

At the recent Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska, Warren Buffett issued a stark warning about the potential threat of artificial intelligence (AI) scams. The May 4 meeting, the first without his long-time partner Charlie Munger, saw Buffett cautioning shareholders gathered in an arena that AI scams could evolve into the “greatest growth industry of all time,” Yahoo reported.

Munger, the vice chairman of Berkshire Hathaway, died Nov. 28, 2023.

Warren Buffett just said:

"If I was interested in investing in scamming, [AI] is going to be the growth industry of all time"

— Evan (@StockMKTNewz) May 4, 2024

The 93-year-old Buffett, often dubbed the “Oracle of Omaha,” shared his concerns about AI after recounting a recent encounter with a fake video of himself, which he admitted could have duped him into sending money overseas.

“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,” he said.

The full quote: "If I was interested in investing in scamming, [AI] is going to be the growth industry of all time. Obviously, AI has potential for good things too. As someone who doesn't understand a damn thing about it, it has enormous potential for good and an enormous…

— Jacob B (@thejnicholas_) May 4, 2024

The billionaire investor predicted that scammers would exploit AI Technology, and reiterated his concerns from the previous year, emphasizing the need for vigilance in the face of evolving technological threats.

The full quote: "If I was interested in investing in scamming, [AI] is going to be the growth industry of all time. Obviously, AI has potential for good things too. As someone who doesn't understand a damn thing about it, it has enormous potential for good and an enormous…

— Jacob B (@thejnicholas_) May 4, 2024

While the day began with Berkshire Hathaway announcing a significant drop in earnings, Buffett encouraged investors to focus on the conglomerate’s operating earnings, which surged by 39 percent.

The event, attended by tens of thousands of people, attracts investors from all over the world and is unlike any other company meeting, AP reported.

“This is one of the best events in the world to learn about investing. To learn from the gods of the industry,” Akshay Bhansali, who spent two days traveling from India to Omaha, told the outlet.

Photo: In this May 5, 2019, file photo Warren Buffett, Chairman and CEO of Berkshire Hathaway, in Omaha, Neb. (AP Photo/Nati Harnik, File)