“Making Money” host Charles Payne reflected on Warren Buffett’s annual shareholder report in which he praised Charlie Munger.
Warren Buffett took a cautious stance on artificial intelligence Saturday at Berkshire Hathaway’s annual meeting, once again likening it to the emergence of nuclear weapons and warning of the potential for fraud.
“I don’t know anything about AI,” the billionaire investor and Berkshire Hathaway co-founder admitted, “but that doesn’t mean I deny its existence or its importance or anything like that. Do not mean”
He reiterated what he said last year: “We let the genie out of the bottle. Developed nuclear weapons. And that demon has been doing terrible things lately. And that demon’s power really terrifies me. On the other hand, I don’t know how to put the genie back in the bottle either. ”
Sam’s Club announces AI will handle exit inspections for all stores by the end of 2024
Warren Buffett took a cautious stance on artificial intelligence Saturday at Berkshire Hathaway’s annual meeting. (Daniel Zuchnik/WireImages/Getty Images)
The 93-year-old philanthropist said AI is “somewhat similar.”
“It’s on its way out of the bottle and it’s so important and it’s going to be done by someone that we might wish we hadn’t seen that genie. Or it might do something great. “I can’t,” he said.
He also spoke of the “huge potential” for fraud using AI.
Buffett said AI has great potential, both good and bad. (Getty Images)
Newspaper company sues OPENAI for copyright infringement over AI training
“If you can recreate an image that doesn’t even say, ‘I need money,’ you’ll know, ‘This is your daughter, she just got in a car accident. I need $50,000 in wire money.'” It’s always been a part of America, but if I were interested in investing in fraud, it would be the fastest growing industry of all time. And obviously, it’s made possible by AI. Good things can happen, but after what I’ve seen lately, I don’t understand why you keep sending money to yourself in a crazy country. ”
Buffett said he believes AI will make fraud the “highest growth industry in history.” (Christopher Goodney/Bloomberg via Getty Images/Getty Images)
CLICK HERE TO GET FOX BUSINESS ON THE GO
He said he doesn’t have any advice on how the world should deal with AI, “because I don’t think we know how to deal with what we did with the nuclear genie. But as someone who doesn’t understand it at all, I think so.” There’s a lot of potential for good in that, and there’s a lot of potential for harm, but we don’t know how it’s going to play out. ”
This weekend’s meeting was the first without Berkshire Hathaway Vice Chairman Charlie Munger, who died last fall at the age of 99, in attendance.
