Thursday, 30 May 2024
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AI may be more beneficial to fraudsters than society: Warren Buffett

  • Buffett issued a warning to shareholders, stating that AI frauds might turn into the “growth industry of all time.”
  • Berkshire Hathaway announced a sharp decline in earnings as the paper worth of its holdings fell and it reduced its stake in Apple.
  • Buffett supported Abel for the position, which included managing the running companies and potential acquisitions.

During his annual meeting, Warren Buffett issued a warning to shareholders, stating that artificial intelligence frauds might turn into the “growth industry of all time.” He believed that con artists would take advantage of technology and may use it for more harm than good.

Early on Saturday morning, Berkshire Hathaway announced a sharp decline in earnings as the paper worth of its holdings fell and it reduced its stake in Apple.

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In the first quarter, the business declared a $12.7 billion profit, or $8,825 per Class A share, which is 64% less than the $35.5 billion, or $24,377 per A share, announced a year earlier.

The conglomerate’s operating earnings from the businesses it controls, which increased 39% to $11.222 billion, or $7,796.47 per Class A share, driven primarily by the success of insurance companies, are what Buffett advises investors to focus on more.

Buffett revealed through a video tribute that included some of Munger’s most well-known statements that Munger’s curiosity about the world persisted to the end of his 99-year life.

Together with Buffett, he turned Berkshire from a failing textile mill into a vast conglomerate with a wide range of businesses, including major utilities, BNSF railroad, insurance companies like Geico, and a host of other enterprises. The secret of Berkshire’s success, as frequently summarized by Buffett and Munger, was “trying to be consistently not stupid, instead of trying to be very intelligent.”

Abel will take over as CEO of Berkshire, as Buffett has made clear, but he stated on Saturday that he had revised his thoughts on managing the company‘s investment portfolio. He had previously stated that two investment managers, who currently manage small portions of the portfolio, will be in charge of it.

Buffett supported Abel for the position, which included managing the running companies and potential acquisitions. According to him, Berkshire’s arrangement of having insurers report to Jain and all noninsurance companies report to Abel is functioning effectively.

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