Warren Buffet Says AI Could Be The Next Big Growth Industry

Berkshire Hathaway’s Warren Buffett has made several statements at the company’s annual shareholders meeting. The dubbed Oracle of Omaha has taken on Artificial Intelligence (AI), succession talks, and why the company reduced its stake in Apple. 

According to Warren Buffet, AI has evolved into the next biggest growth industry although it could be used in the wrong hands likening it to nuclear weapons. He noted that AI scamming is soaring for a potential change due to the latest trends. 

He stated that he doesn’t know much about the technology but had a recent encounter with an AI-generated image of himself. Warren Buffet described a daughter asking their parents for money as very believable. 

“I mean, scamming has always been part of the American scene, but this would make me, if I was interested in investing in scamming, it’s going to be the growth industry of all time,” he told a crowd of investors at Berkshire’s annual meeting.”

Warren Buffet Compares AI to Nukes  

Furthermore, Warren Buffet compared the development of AI to a genie let out of the bottle like the start of nuclear weapons. “I said 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, you know, scares the hell out of me,” he added. 

In recent times, several executives have spoken on the potential of AI utilized for public good as well as warnings on risks posed on a large scale. 

Bitcoin Still Stands Above Berkshire Hathaway 

The recent growing adoption of Bitcoin (BTC) has increased its market capitalization among top firms like Meta and Berkshire Hathaway. Bitcoin’s market capitalization stands at $1.25 trillion, with its price above $63,500. 

On the other hand, Berkshire Hathaway has a share price of $400.87 and a $867 billion market capitalization. Warren Buffet has been a long-term critic of Bitcoin. 

Also Read: Charles Hoskinson Teases Cardano and Bitcoin Cash Partnership

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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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