Warren Buffett cautioned the tens of thousands of shareholders who packed an arena for his annual meeting that AI frauds might become “the growth industry of all time.”
Doubling down on his warnings from last year, Buffett told the crowds that he recently encountered the drawbacks of AI. And it looked and sounded exactly like him.
Someone created a phony film of Buffett, which appeared to be convincing enough that the so-called Oracle of Omaha admitted he could imagine it deceiving him into moving money offshore.
The wealthy investing guru predicted that crooks would grasp the technology and cause more harm than good.
“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.
Devotees travel from all over the world to gather pearls of wisdom from Buffett, who memorably nicknamed the event ‘Woodstock for Capitalists.’
The day began with Berkshire Hathaway reporting a significant reduction in earnings as the paper worth of its investments fell, and it reduced its Apple holdings. The business posted a $12.7 billion profit, or $8,825 per Class A share, in the first quarter, a 64% decrease from $35.5 billion, or $24,377 per A share, the previous year.
Buffett, on the other hand, advises investors to focus on the conglomerate’s operating earnings from its own companies.
These increased by 39 percent to $11.222 billion, or $7,796.47 per Class A share, driven by the success of insurance businesses.
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