Warren Buffett has raised the alarm on AI, warning it threatens to supercharge fraud by making scams more convincing than ever.

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,

While it's not the first time Buffett has weighed in on AI risks, it comes at a time when AI is already creating vast amounts of paper wealth, and stoking expectations about how the technology will upend everyday life.

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Artificial intelligence has both “enormous potential for good and enormous potential for harm,” the investing guru said during Berkshire’s annual meeting.

This year, Buffett will be without his longtime partner Charlie Munger, who died in November at the age of 99. Buffett will be joined on stage by Greg Abel and Ajit Jain, Berkshire's vice chairmen for operations.