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Berkshire Hathaway (New York Stock Exchange:BRK.A)(New York Stock Exchange:BRK.B) Chairman and CEO Warren Buffett on Saturday made some cautious words regarding the potential of artificial intelligence (AI).
Speaking at the group's annual shareholders meeting, the veteran investor warned of the role of artificial intelligence in defrauding people He likened technology to letting “the genie out of the bottle.”
“When you think about the potential to defraud people… if you're interested in investing in fraud, that's going to be the growth industry of all time, and it's been enabled in some way” by artificial intelligence, Buffett said.
The “Oracle of Omaha” was referring to artificial intelligence technology for voice cloning, facial cloning and deepfakes that scammers use to create or manipulate videos for the purpose of extorting money from people.
Buffett gave the example of a recent experience with a fake video in which he appeared, which made him “nervous.”
“It was just me, my voice, and wearing the type of clothes I did, and neither my wife nor my daughter was able to detect any difference, and it was kind of getting the message across that nothing came from me,” Buffett said. He said.
The famous businessman also said, “We let the genie out of the bottle when we developed nuclear weapons… Artificial intelligence is somewhat similar. It is partly out of the bottle.”
Not all of Buffett's comments were cautious.
“AI clearly has the potential to do good things as well,” he said, adding, “I think, as someone who understands nothing about it, that it has tremendous potential for good and tremendous potential for harm.”
Since the release of ChatGPT by OpenAI in November 2022, AI especially Generative AI which includes chatbots and conversation tools has become the craze of the technological world.
Companies that make AI chips like Nvidia (NVDA) and AI servers like Super Micro Computer (SMCI) have seen massive growth in their market valuations, while companies like Microsoft (MSFT) and Alphabet (GOOG) (GOOGL) are seen as the current leaders of the organization. Amnesty International.
See here a list of the 10 largest AI-focused ETFs, including the iShares US Technology ETF (IYW) and the Fidelity MSCI IT ETF (FTEC).
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