Buffett warns of AI scams

Warren Buffett warned artificial intelligence scams will be the next "growth industry" when attending the first Berkshire Hathaway annual shareholder meeting without his longtime partner the late Charlie Munger.

At the meeting, Buffett emphasized the risks associated with AI in perpetrating scams due to its ability to generate coinciding fake images and messages.

This came after Berkshire significantly reduced its enormous stake in Apple in the first quarter, as the conglomerate let its cash hoard swell to a record US$189 billion (HK$1.47 trillion) amid a dearth of big-ticket deals. However, Buffett added the firm is looking at an investment in Canada.

The value of Berkshire's stake in Apple fell 22 percent to US$135.4 billion as of March 31 from US$174.3 billion at the end of 2023. Berkshire also sold its position in Paramount Global at a loss.

In the absence of deals, Berkshire has turned to buying back its own shares. It spent about US$2.6 billion doing that in the first quarter.

Asked about the firm's interest in Hong Kong and Chinese companies, Buffett said its focus on investments will always be in the US