Warren Buffett, the legendary investor and chairman of Berkshire Hathaway in the United States, expressed concerns about fraudulent activities using artificial intelligence (AI), comparing the impact of AI to that of nuclear weapons.
At the annual shareholders’ meeting held in Omaha, Nebraska on the 4th local time, Buffett likened AI-powered scams to becoming a ‘growth industry’, comparing AI to a genie taken out of a lamp.
This year’s shareholder meeting gained attention as it was the first meeting without Buffett’s long-time business partner and close confidante, Charlie Munger, vice chairman of Berkshire.
Munger passed away at the age of 99 in November last year.
According to the financial report released this time, Berkshire disclosed that it held $189 billion in cash assets as of the end of the first quarter, approximately $257 trillion Korean won, which is an all-time high.
Buffett predicted that this amount could increase to $200 billion by the end of the second quarter.
Berkshire sold 13% of its Apple shares in the first quarter of this year, revealing that it now holds $135.4 billion, worth $184 trillion Korean won in Apple stocks as of the end of March.
Due to factors such as sluggish iPhone sales in China, Apple’s stock price dropped by 11% in the first quarter of this year, leading to speculation in the market that Buffett may have a negative outlook on Apple’s future.
However, Buffett mentioned that Apple is likely to continue to be the largest portion of Berkshire’s investment portfolio by the end of this year.
He told shareholders that Apple is a “much better company” compared to other companies in Berkshire’s portfolio, such as American Express and Coca-Cola.
Buffett explained that the reason for reducing the stake in Apple was not due to concerns about the company’s long-term prospects, but rather to sell shares for tax reasons.
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