Warren Buffett says AI may be better for scammers than society. And he’s seen how

Berkshire Hathaway Chairman Warren Buffett attends the Berkshire Hathaway Inc annual shareholders’ meeting in Omaha, Nebraska, US, May 3, 2024. (Reuters)
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Updated 05 May 2024
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Warren Buffett says AI may be better for scammers than society. And he’s seen how

  • The billionaire investing guru predicted scammers will seize on the technology, and may do more harm with it than society can wring good

OMAHA, Nebraska: Warren Buffett cautioned the tens of thousands of shareholders who packed an arena for his annual meeting that artificial intelligence scams could become “the growth industry of all time.”
Doubling down on his cautionary words from last year, Buffett told the throngs he recently came face to face with the downside of AI. And it looked and sounded just like him. Someone made a fake video of Buffett, apparently convincing enough that the so-called Oracle of Omaha himself said he could imagine it tricking him into sending money overseas.
The billionaire investing guru predicted scammers will seize on the technology, and may do more harm with it than society can wring good.
“As someone who doesn’t understand a damn thing about it, it has enormous potential for good and enormous potential for harm and I just don’t know how that plays out,” he said.
EARNINGS BEFORE MUSINGS
The day started early Saturday with Berkshire Hathaway announcing a steep drop in earnings as the paper value of its investments plummeted and it pared its Apple holdings. The company reported a $12.7 billion profit, or $8.825 per Class A share, in first the quarter, down 64 percent from $35.5 billion, or $24,377 per A share a year ago.
But Buffett encourages investors to pay more attention to the conglomerate’s operating earnings from the companies it actually owns. Those jumped 39 percent to $11.222 billion, or $7,796.47 per Class A share, led by insurance companies’ performance.
None of it that got in the way of the fun.
Throngs flooded the arena to buy up Squishmallows of Buffett and former Vice Chairman Charlie Munger, who died last fall. The event attracts investors from all over the world and is unlike any other company meeting. Those attending for the first time are driven by an urgency to get here while the 93-year-old Buffett is still alive.
“This is one of the best events in the world to learn about investing. To learn from the gods of the industry,” said Akshay Bhansali, who spent the better part of two days traveling from India to Omaha.
A NOTABLE ABSENCE
Devotees come from all over the world to vacuum up tidbits of wisdom from Buffett, who famously dubbed the meeting ‘Woodstock for Capitalists.’
But a key ingredient was missing this year: It was the first meeting since Munger died.
The meeting opened with a video tribute highlighting some of his best known quotes, including classic lines like “If people weren’t so often wrong, we wouldn’t be so rich.” The video also featured skits the investors made with Hollywood stars over the years, including a “Desperate Housewives” spoof where one of the women introduced Munger as her boyfriend and another in which actress Jaimie Lee Curtis swooned over him.
As the video ended, the arena erupted in a prolonged standing ovation honoring Munger, whom Buffett called “the architect of Berkshire Hathaway.”
Buffett said Munger remained curious about the world up until the end of his life at 99, hosting dinner parties, meeting with people and holding regular Zoom calls.
“Like his hero Ben Franklin, Charlie wanted to understand everything,” Buffett said.
For decades, Munger and Buffett functioned as a classic comedy duo, with Buffett offering lengthy setups to Munger’s witty one-liners. He once referred to unproven Internet companies as “turds.”
Together, the pair transformed Berkshire from a floundering textile mill into a massive conglomerate made up of a variety of interests, from insurance companies such as Geico to BNSF railroad to several major utilities and an assortment of other companies.
Munger often summed up the key Berkshire’s success as “trying to be consistently not stupid, instead of trying to be very intelligent.” He and Buffett also were known for sticking to businesses they understood well.
“Warren always did at least 80 percent of the talking. But Charlie was a great foil,” said Stansberry Research analyst Whitney Tilson, who was looking forward to his 27th consecutive meeting.
NEXT GEN LEADERS

Munger’s absence, however, created space for shareholders to get to know better the two executives who directly oversee Berkshire’s companies: Ajit Jain, who manages the insurance units; and Abel, who handles everything else and has been named Buffett’s successor. The two shared the main stage with Buffett this year.
The first time Buffett kicked a question to Abel, he mistakenly said “Charlie?” Abel shrugged off the mistake and dove into the challenges utilities face from the increased risk of wildfires and some regulators’ reluctance to let them collect a reasonable profit.
Morningstar analyst Greggory Warren said he believes Abel spoke up more Saturday and let shareholders see some of the brilliance Berkshire executives talk about.
“Greg’s a rock star,” said Chris Bloomstran, president of Semper Augustus Investments Group. “The bench is deep. He won’t have the same humor at the meeting. But I think we all come here to get a reminder every year to be rational.”
A LOOK TO THE FUTURE
Buffett has made clear that Abel will be Berkshire’s next CEO, but he said Saturday that he had changed his opinion on how the company’s investment portfolio should be handled. He had previously said it would fall to two investment managers who handle small chunks of the portfolio now. On Saturday, Buffett endorsed Abel for the gig, as well as overseeing the operating businesses and any acquisitions.
“He understands businesses extremely well. and if you understand businesses, you understand common stocks,” Buffett said. Ultimately, it will be up to the board to decide, but the billionaire said he might come back and haunt them if they try to do it differently.
Overall, Buffett said Berkshire’s system of having all the noninsurance companies report to Abel and the insurers report to Jain is working well. He himself hardly gets any calls from managers anymore because they get more guidance from Abel and Jain.
“This place would work extremely well the next day if something happened to me,” Buffett said.
Nevertheless, the best applause line of the day was Buffett’s closing remark: “I not only hope that you come next year but I hope that I come next year.”


Saudi who swapped ejection seats for tech reviews — and topped KSA charts 

Updated 19 December 2025
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Saudi who swapped ejection seats for tech reviews — and topped KSA charts 

  • In an exclusive interview with Arab News, the host of ‘2You’ and ‘Up To Date KSA’ talks about digital wellness, AI’s future, and his plans to fill the gap in Arabic tech content 
  • Top Arab content creator in Saudi Arabia’s 2025 top 10 most-viewed YouTube channels describes milestone as ‘shockingly’ positive 

LONDON: Speaking to Faisal Al-Saif, a self-described tech lover, one of the least likely things you expect to hear is advice on disconnecting from technology. 

Yet the idea of a “tech diet” — more commonly known as digital wellbeing — takes on added weight when it comes from someone whose work revolves around gadgets and who relies on social media as their primary platform. 

Beyond this seemingly analytical, Web 1.0-style perspective, Al-Saif draws on more than two decades of experience as a tech expert — or, in today’s terms, a content creator. 

“I’m an early believer that technology is here to connect us more, to make the world even smaller than what it is, and make us just more active, more productive, and have more time for our religion, for our families and for our actual lives,” Al-Saif told Arab News. 

Al-Saif trained as an aircraft engineer at BAE Systems, where he specialized in ejection seats for Royal Saudi Air Force jets, before entering broadcasting in 2004, hosting and producing KSA2’s English-language “2You” and, later, the technology show “Up To Date KSA.” 

In 2009, he pivoted to YouTube — a platform with more limited reach and no monetization at the time — to help fill the gap in Arabic tech content. 

“Back then, if you searched about a device or a system or a piece of information, the main language you would find the result in was English. So, I just started creating a channel and putting some good content in (both) Arabic and in English,” he said. 

This approach required filming videos twice. Initially, videos in English drew more views, while Arabic lagged, but that shifted month by month as Arabic content gained traction. 

“To put it in perspective, back then, it wasn’t a source of income — not a main, not a minor, not a partial.” 

Today, Al-Saif’s channel delivers straightforward reviews that guide viewers on whether to buy or avoid products based on their needs, not brand pressure. 

“I love creating content that gives value to the people. I love simplifying information. I love tech in a crazy way,” he said. “I like to see new tech, test it, be an early adopter of it. Tell people, ‘This is good because of this, and (that) could have been better with those implemented.’ Tell people to buy or not to buy based on their preferences, not based on companies and what they want to push.” 

Creators typically earn through ad revenue, fan funding, product placement, and sponsorships, though Al-Saif distances himself from the “influencer” label. 

“Part of it is that struggle we went through throughout the years, of trying to create valuable business propositions for everybody who works with us, being very fair and honest about what I present, and trying to help companies, just to help companies. Not seeking business.” 

Earlier this month, almost two decades after starting his channel, Al-Saif was named top Arab content creator — and the only regional entry — in Saudi Arabia’s 2025 top 10 most-viewed YouTube channels, a milestone he described as “shocking” in a positive sense. 

“Being on that top 10 list gives me a cool push after 16 years,” he said of his UTD Saudi channel, which has 8.92 million subscribers. 

“(When) I go into a hospital, I find a lot of Saudis that know me. But also, I find some Filipino nurses coming to me (telling me), ‘I watch your videos.’ I like that kind of diversity (which) is only possible on YouTube and educational content.” 

Al-Saif views YouTube as a modern visual library to help informed decisions. While social media shifts toward short-form videos, he believes the platform is resisting this trend. 

“If it’s all short-term content, it’s us supporting that short attention span (which) is being developed with people.”  

He champions long-form reviews, beginning with a brief story, then details, to encourage informed decisions. By contrast, he argued, three-second or ultra-short videos may be excellent at grabbing attention, but are largely useless for serious decisions, “unless (perhaps) it’s a cooking video.” 

In 2012, after seeing an opening, Al-Saif left BAE Systems — “initially only for two years” — to launch Tech Pills Productions, helping companies such as Intel, Microsoft, and HP create content, a move that boosted his career. He later diversified into tech startups, though he shuns the “investor” label. 

“I don’t see myself as an entrepreneur or an investor. I just see myself as a tech lover,” he said. “I try to push myself into diversifying the business and creating other pillars. So, I went into other types of investments, working and developing applications with different partners, and all of that went well. That part made me more comfortable creating content for the joy of it instead for the business side of it.” 

In 2021, Al-Saif backed Karaz (Arabic for “cherries”), an EHR platform using IoT, AI, and real-time data for healthcare, originally a gamified app for diabetic children. “(I’m drawn to a project) if there’s a human touch,” he said. “It’s relating data to human change in a positive way that made me not hesitate and go for it.” 

While AI pitches flood in, past flops have left him with a degree of “marketing resistance.” 

“I find that AI does add value if you have those (proper) steps into getting into AGI (artificial general intelligence) and the later steps that will come. It’s the proper development. But the hype about relating everything to AI, that part, I’m definitely against,” he said. 

AI has dominated headlines for three years, fueling an economic boom, and sparking debate over job losses and ethical risks. Al-Saif acknowledges the technology’s “endless opportunities,” but doubts the hype will last and that AI will ultimately drive the world. “They will find something else; either it’s diverted from AI or from another field in technology to create that marketing sense.” 

Asked what people should be more aware of, he urged greater public education on AI’s dual nature. 

“It’s a knife that you can cook with, or it’s a knife that can stab someone. There’s a seriousness about AI, and sadly, the world does not do enough regarding the sense of awareness,” he said. 

Without greater understanding, unchecked AI could create generations shaped entirely by whatever information they are fed, regardless of truth, he said, adding that the technology already enables bad behavior excused as “AI-generated” and blurs fact and fiction, making regulations essential. 

Saudi Arabia is leading responsibly through its Data and AI Authority, he said. “I think they’re going very well within multiple sides: the regulatory part, the governance side, as well as when it comes to investing heavily with the infrastructure and AI companies.”  

Through the authority, the Kingdom has launched an ambitious plan to position itself at the forefront of AI technology. Al-Saif has contributed directly and indirectly, including advising on public strategies such as the Riyadh Charter on AI Ethics in the Islamic World. 

“It’s a very interesting place to be (at a) very interesting time. I’ve sat with the Crown Prince (Mohammed bin Salman). He talked about AI, his vision, and how AI will create this next wave of businesses and next wave of economy.” 

Asked whether our society is obsessed with technological progress, Al-Saif replies that “we are adopting (technologies) for what we need,” but adds that limits, such as Australia’s recent social media ban for youth, are needed. “But the thing is, they don’t ban stuff in the Kingdom of Saudi Arabia. They try to create a system.” 

At home, he supervises his children’s screen time or watches content together. “YouTube is still, I find, the safest platform (out) there because of its nature of long videos and vlogs. It is much more mature than any other platform when it comes to how to censor, how to control, how to do things.” 

However, he agreed that younger generations, as tech natives, perceive tech interaction differently, specifically when it comes to privacy. 

“Privacy is kind of a stretchy thing. I define privacy different than my kids when they grow up, and that made me think of privacy different. It’s not that we’re letting go of information. It’s the environment that we live in that creates that sense of privacy.” 

Al-Saif believes privacy has already been reshaped — not as a value we hold dear, but as an illusion where true personal boundaries have been eroded. What remains is a mere reflection of our actions online, not tied to our names, but reduced to anonymous data points or numbers in the digital ether. 

For Al-Saif, part of the answer lies in the power of disconnection, an approach that he has strongly advocated. 

“I give myself an hour or two a day maximum (online) to know about certain other stuff. My advice for anybody who wants to live 12 hours of cool life is: Try to experience or to learn something unrelated to tech.” 

Pointing to a beehive he keeps in the office, Al-Saif added: “There are other fields that I like to, let’s say, learn about. It’s a clear state of mind that you reach with it. And I just try to do as normal, natural things as possible; try to work with gadgets and appliances that don’t have batteries.”