Berkshire Hathaway co-founder Warren Buffett recently spoke at the company’s annual shareholder meeting about artificial intelligence (AI) deepfake products and the persistence of fraudsters. As of April 2024, Buffett, the ninth richest person in the world, saw his net worth increase by approximately 16 billion dollars in just the first five months of 2024.
Notable Statements from a Prominent Figure
At the shareholder meeting held in Omaha, Nebraska, Warren Buffett, praised the company’s growth and determination despite the death of Vice Chairman Charlie Munger in November 2023. However, as the meeting progressed, comments quickly turned to artificial intelligence. During the question-and-answer session, Buffett shared the following:
“I know nothing about artificial intelligence, but that doesn’t mean I deny its existence, importance, or similar matters.”
After this striking start, he compared the impact of AI technologies in illegal financial activities to the emergence of the atomic bomb and the spread of nuclear weapons. According to the 93-year-old billionaire, this was due to an experience where he was exposed to a deepfake product that looked, dressed, moved, and spoke just like him. The following statements were shared at the meeting:
“What I mean is fraud has always been a part of the American scene but this showed me that if I were interested in investing in fraud, it would be the growing industry of all time and somehow enabled. Clearly, artificial intelligence has the potential to do good things, but looking at what I’ve seen recently, I don’t know how I keep sending money to myself in a crazy country.”
Artificial Intelligence and Berkshire Hathaway
While Buffett’s remarks on artificial intelligence were not the first time he criticized what he sees as the frightening potential of AI, it is noteworthy that Berkshire Hathaway’s largest investment holdings are in Apple, the world’s second most valuable company.
The number one spot of the Cupertino company was overtaken by Microsoft, which made a significant investment in ChatGPT maker OpenAI, metaphorically strapping itself to a rocket ship. Since then, Apple has been seen trying to close the gap. A large part of the company’s public focus is on productive artificial intelligence products.
