As a researcher with a background in technology and finance, I find Warren Buffett’s cautionary words about artificial intelligence (AI) and deepfakes at Berkshire Hathaway’s annual shareholder meeting particularly intriguing. Buffett, a seasoned investor and business magnate worth over $170 billion as of May 2024, has witnessed firsthand the exponential growth and transformative power of technology throughout his storied career.
At Berkshire Hathaway’s recent annual shareholders meeting, Warren Buffet, one of the company’s co-founders, expressed concerns about the growing threats posed by artificial intelligence (AI), deepfakes, and scammers in this technological era.
In April 2024, Buffett ranked as the nininth wealthiest individual globally, with his fortune expanding by approximately $16 billion during the initial five months of the year. At a recent shareholders gathering in Omaha, Nebraska, Buffett commended the organization’s resilience and progress following the November 2023 passing of vice chairman Charlie Munger.
As the discussion progressed further in the meeting, the focus shifted towards artificial intelligence. During a question-and-answer session, Buffett admitted, “I’m not versed in AI, but that doesn’t signify I disregard its reality or significance in any way.”
Following this promising beginning, he drew a parallel between the influence of artificial intelligence technologies on illegal financial transactions and the arrival of the atomic bomb and the subsequent spread of nuclear weapons.
According to the 93-year-old billionaire, this situation originated from an encounter where I was faced with a convincing deepfake replica, which closely resembled me in appearance, attire, behavior, and speech.
Per a transcript of the meeting:
“I mean, scamming has always been part of the American scene, but this would make me, if I was interested in investing in scamming, it’s going to be the growth industry of all time. And it’s enabled in a way. Obviously, AI has potential for good things too but I don’t know how you, based on the one I saw recently, I practically would send money to myself over and over in some crazy country.”
Buffett’s warning about the dangers of AI isn’t a new stance for him. However, it’s worth mentioning that Berkshire Hathaway’s largest investments are in Apple, the second most valuable company globally.
I discovered that Microsoft took the lead from Apple Inc., the Cupertino company, by massively investing in OpenAI, the creators of ChatGPT. This investment can be likened to attaching Microsoft to a rocketship.
Since then, Apple seems to have been responding rather than leading in the area of generative AI technology, with a significant part of its external attention devoted to this particular product line.
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2024-05-05 18:46