Investing Legend Warren Buffett Says AI scamming Will be the Next Big ‘Growth Industry’

AsianFin— Legendary investor Warren Buffett has noted that artificial intelligence has enormous potentials to do harm, giving his own experience to support the view.

“When you think about the potential for scamming people ... if I was interested in investing in scamming, it’s gonna be the growth industry of all time and it’s enabled, in a way” by AI, Buffett said at Berkshire Hathaway’s annual shareholder meeting on Saturday. Buffett pointed to the technology’s ability to reproduce realistic and misleading content in an effort to send money to bad actors.

He told the audience of the meeting that he was once misled into sending money online to a person who claimed to a fake Warren Buffett.

“Obviously, AI has potential for good things too, but ... I do think, 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,” Buffett added.

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