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Warren Buffett says AI scamming will be the next big 'growth industry'

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Artificial intelligence has both 'enormous potential for good and enormous potential for harm,' the investing guru said during Berkshire's annual meeting.

"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, Warren Buffett 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, Buffett said at. Buffett pointed to the technology's ability to reproduce realistic and misleading content in an effort to send money to bad actors.

Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024.AI has been the talk of Wall Street for more than a year, as investors bet on the technology's potential to drive higher profits going forward. Stocks such as Nvidia and Meta Platforms have skyrocketed during the AI boom, up 507% and 275%, respectively since the end of 2022.

 

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