The next major growth industry, according to Warren Buffett, will be AI scamming.

• Warren Buffett stated that if he were interested in investing in scamming, it would be a growth industry, and AI would enable it.
• "While AI has the potential for good, it also has the potential for harm, as someone who doesn't understand it," he said.

Warren Buffett is not investing in artificial intelligence yet, and he is cautious about its potential risks.

Buffett stated at the annual shareholder meeting on Saturday that if he were interested in investing in scamming, it would be the growth industry of all time, as AI enables the technology to create realistic and misleading content to send money to bad actors.

AI voice-cloning and deep-fake technology are commonly used by scammers to create manipulated videos and images that impersonate individuals' family and friends in order to request money or personal information.

Buffett acknowledged that AI has the potential for both good and bad outcomes, but as someone who is not well-versed in the technology, he believes it has immense potential for both positive and negative impacts, and he is uncertain about how it will unfold.

For over a year, AI has been a hot topic on Wall Street, with investors placing bets on its potential to increase profits in the future. Companies such as Nvidia and Meta Platforms have experienced significant growth during the AI craze, with Nvidia's stock rising by 507% and Meta Platforms' stock increasing by 275% since the end of 2022.

The investing legend confessed that he is not well-versed in AI and compared its potential to that of the atomic bomb during the 20th century.

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Buffett stated that there is no way to put the genie back in the bottle, and AI is somewhat similar. It's partially out of the bottle, and it's crucial and will be accomplished by someone. The impact on society's future will be determined later.