Investment guru Warren Buffett recently expressed concern about the increasing misuse of fake artificial intelligence (AI), comparing the new technology to “nuclear weapons.” The billionaire founder of Berkshire Hathaway told tens of thousands of shareholders during an annual meeting that an AI-created deepfake video of him “scares the crap out of him” and that the technology is like a “nuclear weapon ghost.”
The 93-year-old’s fake video was reportedly so convincing that the philanthropist himself said he could imagine it tricking him into sending money abroad. He raised the possibility that this technology could be used for large-scale financial fraud.
“As someone who doesn’t understand anything about it, it has enormous potential for good and enormous potential for harm, and I just don’t know what the impact will be,” he said.
Buffett continued: “Last year I said that we let a genie out of the bottle when we developed nuclear weapons, and that the genie has been doing some terrible things lately.” And the power of that genie makes me, you know , terrible fear. And then I don’t know a way to get the genie back in the bottle. And AI is similar in some ways.”
“I don’t know anything about AI… but that doesn’t mean I deny its existence or importance,” Warren Buffett said during Berkshire Hathaway’s 2024 annual meeting. pic.twitter.com/NGaYbUHeWP
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Buffet’s Berkshire Hathaway owns significant stakes in Apple and Microsoft, two leaders in generative AI. Nevertheless, the well-known value investor remains on guard against possible cases of abuse.
Warren Buffett’s connections to AI
Buffett recognized the “amazing” capabilities of AI. He was experimenting with OpenAI’s ChatGPT when former Microsoft CEO Bill Gates introduced it to him three months ago. However, the nonagenarian added: “When something can do all sorts of things, I worry a little bit because I know we can’t undo it. We invented – for a very, very good reason – the atomic bomb in World War II, and it was hugely important that we did. But is it good for the next 200 years of the world that this ability has been unleashed?”
Berkshire Vice Chairman Charlie Munger was skeptical about AI. He explained: “I think old-fashioned intelligence works pretty well.”
“There will be nothing to replace the G in AI,” Buffett added. “I say that without reservation.”
Regarding stocks, Buffett said, “It’s not going to tell me what stocks to buy or anything like that.”
“It can tell me in about three seconds which stock meets a certain criteria or criterion. But there are clear limitations in some respects.”
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