Warren Buffet at Annual Berkshire Hathaway Meeting
At his annual shareholder meeting in Omaha, Nebraska, Warren Buffett, the 93-year-old co-founder, chairman, and CEO of Berkshire Hathaway, issued a stark warning about the potential dangers of artificial intelligence (AI).
"We let a genie out of the bottle when we developed nuclear weapons," he said. "AI is somewhat similar — it’s partway out of the bottle."
The so-called Oracle of Omaha acknowledged that he has little idea about the tech behind AI but still fears its potential repercussions. Recently, his image and voice were replicated by an AI-backed tool so convincingly that they could have fooled his own family. Scams using these deep fakes, he added, will likely become increasingly prevalent.
"If I was interested in investing in scamming, it’s going to be the growth industry of all time," he told the crowd.
AI Impact on Businesses
Berkshire Hathaway has started employing some AI in its own business to make employees more efficient, said Greg Abel, the expected successor to Buffett who runs Berkshire’s non-insurance operations.
"At times it displaces labor, but then hopefully, there are other opportunities," said Abel.
The Potential of AI
Buffett also acknowledged that AI could change the world for the better but said he isn’t sold yet. "It has enormous potential for good and enormous potential for harm," he said. "And I just don’t know how that plays out."
The AI explosion has already transformed workplaces across the world, and nearly 40% of global employment could be disrupted by AI, according to the International Monetary Fund.
Concerns Across Industries
JPMorgan Chase CEO Jamie Dimon also expressed concern about AI in his annual shareholder letter, highlighting its significant influence and the risks associated with AI scamming.
Dimon recognized that bad actors are using AI to infiltrate companies’ systems, steal money and intellectual property, or cause disruption and damage.
Dozens of AI industry leaders, academics, and even some celebrities have signed a statement warning of an "extinction" risk from AI and called for society to take steps to guard against its dangers.
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