Warren Buffett acknowledges the potential of artificial intelligence (AI), but is also concerned about the risks that AI can pose to the world.

During the annual shareholder meeting in Omaha on May 4, legendary investor Warren Buffett commented: “We once let a genie out of the bottle when we developed nuclear weapons. AI is a bit like that – slowly coming out of the bottle.”

The “Oracle of Omaha” – Warren Buffett's nickname – admits that he has little understanding of the technology behind artificial intelligence (AI), but says he remains concerned about the potential for AI to be abused. used for fraudulent purposes, such as using voice impersonation technology or deepfake technology to fake identities and trick victims into transferring money to bad guys.

The billionaire said he recently saw an AI-generated image and voice of himself, so similar that even his own family members had trouble distinguishing between the real and the fake. Buffett said it could become “the greatest growth industry of all time” for criminals.

Greg Abel – who runs Berkshire’s non-insurance operations and is widely tipped to succeed Buffett – said Berkshire Hathaway has begun using some AI tools in its business to help employees work more efficiently.

Overall, Buffett believes that AI is a powerful technology with great potential for both good and harm. He calls for caution and responsibility in the development and use of AI.

AI has captured Wall Street’s attention for more than a year, as investors bet on the technology’s potential to boost corporate profits. AI-related stocks have soared. Chipmaker Nvidia (NVDA) has gained about 215% over the past 12 months, while Microsoft (MSFT) has gained about 34%. Berkshire Hathaway (BRK.A) has also gained 22% over the same period.

Along with Buffett, JPMorgan Chase CEO Jamie Dimon has also expressed concerns about AI, especially cybersecurity risks. In January, the CEO said they had seen a significant increase in hackers trying to penetrate their systems in 2023, highlighting the growing cybersecurity challenges facing the bank and other Wall Street firms.

Many experts also warn of the risk that AI could destroy humanity. About 42% of CEOs were concerned that this could happen within the next 5 to 10 years in a CNN survey last summer.

The explosion of AI is having a profound impact on every industry, from healthcare to finance to music. However, close collaboration between scientists, businesses and governments is needed to ensure that AI is developed and used safely and responsibly.