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Warren Buffett Warns of AI Double Edged Sword: Potential for Scammers Outweighs Societal Benefits

Published on : Thursday 09-05-2024

Warren Buffet Cautions AI May Benefit Scammers More Than Society

American businessman Warren Edward Buffett emphasized, “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.”.

Artificial Intelligence (AI) has a plethora of advantages for businesses and society. It has been developed in a way to serve an individual or a group by supplementing their capabilities in their work and life. Despite this, many people are cautious about the adoption of AI technology. This time the concern has been backed by billionaire Warren Buffet.

What The Billionaire Cautious About?

During Berkshire Hathaway’s annual shareholder meeting, Buffet said, “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.” He also emphasized the technology’s ability to reproduce realistic and misleading content in an effort to send money to bad actors.

There is no surprise that how artificial intelligence is being used to clone people’s voice and face to make deep-fake videos.

“I don’t know anything about about AI. That doesn’t mean I deny its existence or importance or anything of the sort,” Buffett said. He further pointed out, “We let the genie out of the bottle when we developed nuclear weapons and that genie has been doing some terrible things lately, and the power of that genie is what scares the hell out of me.”

“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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