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

OMAHA, Neb. (AP) — 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.

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% 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% 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.

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 to 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% of the talking. But Charlie was a great foil,” said Stansberry Research analyst Whitney Tilson, who was looking forward to his 27th consecutive meeting.

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.

Abel offered a twist on Munger's classic “I have nothing to add” line by often starting his answers Saturday by saying “The only thing I would add.”

“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.”

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.”

For more AP coverage of Warren Buffett look here: https://apnews.com/hub/warren-buffett. For Berkshire Hathaway news, see here: https://apnews.com/hub/berkshire-hathaway-inc. Follow Josh Funk online at https://www.twitter.com/funkwrite and https://www.linkedin.com/in/funkwrite.

From left, D'Ann Rhoten takes a photo of Brittany Thornton and Melissa Shapiro in the exhibit hall of the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Amy Keady of Frederick, Maryland, holds her son, Ben, 11, as they wait in line outside the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Jennifer Cua of Las Vegas sits with her purchases from Squishmallows during the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Shareholder Tina Schmidt of Cozad, Neb., wears a shirt with Warren Buffett's portrait in the style of an Andy Warhol painting at he Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

See's Candies associates, including Holly Pellicano of San Francisco, center, do yoga together before shareholders arrive for the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Bart Macdonald of New York City takes photos of the BNSF Railway model train display during the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Valerie Deichert of Omaha, left, assists shareholders with their purchases from the Oriental Trading booth during the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Shareholders find their seats for the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Harold and Caroline Ernst of St. Louis chat with fellow shareholders as they wait for the Berkshire Hathaway annual meeting to begin on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Michelle King of San Francisco does yoga in the See's Candies booth before the arrival of shareholders for the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Berkshire Hathaway shareholders pose with the mascot for one of its companies, Oriental Trading, while the more famous spokeslizard for Geico insurance looms over their shoulder, Friday, May 3, 2024, in Omaha, Neb. CEO Warren Buffett will spend hours answering questions at the meeting on Saturday. (AP Photo/Josh Funk)

Berkshire Hathaway shareholders pose with a cutout poster of CEO Warren Buffett Friday, May 3, 2024, in Omaha, Neb., inside the exhibit hall in Omaha where Berkshire companies sell their products. Buffett will spend hours answering questions at the meeting Saturday. (AP Photo/Josh Funk)

Daegwon Kim of South Korea, who arrived in line at 3:30 a.m., takes photos of the crowd behind him outside the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Berkshire Hathaway Vice Chairman Greg Abel poses with shareholders Friday, May 3, 2024, in Omaha, Neb. Abel is set to be the next CEO after Warren Buffett is gone. (AP Photo/Josh Funk)

Berkshire Hathaway shareholders watch a model BNSF train run past a model town filled with other Berkshire companies Friday, May 3, 2024, in Omaha, Neb. Buffett will spend hours answering questions at a meeting Saturday. (AP Photo/Josh Funk)

Berkshire Hathaway shareholders line up to take selfies with Greg Abel Friday, May 3, 2024, in Omaha, Neb. Abel will one day replace Warren Buffett as CEO. (AP Photo/Josh Funk)

Berkshire Hathaway investment manager Ted Weschler, center, talks with Brooks Running CEO Dan Sheridan, Friday, May 3, 2024, in Omaha, Neb., one day ahead of the annual shareholders meeting. (AP Photo/Josh Funk)

Berkshire Hathaway shareholders pose with a cutout poster of CEO Warren Buffett, Friday, May 3, 2024, in Omaha, Neb., one day ahead of the annual shareholders meeting. (AP Photo/Josh Funk)

Berkshire Hathaway Vice Chairman Greg Abel poses for pictures with shareholders while touring the booths Berkshires companies set up, Friday, May 3, 2024, in Omaha, Neb. Abel will succeed Warren Buffett as CEO one day. (AP Photo/Josh Funk)

Berkshire Hathaway Vice Chairman Greg Abel checks out the flight simulators offered by one of Berkshires companies, Flight Safety as he toured the exhibit hall Friday, May 3, 2024, in Omaha, Neb. ahead of Saturday's meeting. Abel is set to succeed Warren Buffett as CEO one day. (AP Photo/Josh Funk)

BOSTON (AP) — Florida Panthers coach Paul Maurice considered it a good omen when the fire alarm went off at the team hotel on Friday afternoon, just as he was settling in for a pregame nap.

“In my career, the number of times that something got messed up at the hotel … it’s like a guaranteed win,” Maurice said after a 2-1 victory over Boston earned the Panthers a spot in the Eastern Conference finals. “I said, ‘If this holds true, I guarantee we’re winning today.’"

Maurice's superstition held true a few hours later when defenseman Gustav Forsling scored the tiebreaking goal with 1:33 left, and Sergei Bobrovsky stopped 22 shots to help the Panthers beat the Bruins 2-1 and clinch their second-round playoff series in six games.

A year after playing for the Stanley Cup, the Panthers will meet the New York Rangers in the Eastern Conference finals. Maurice may have been deprived of a nap on Friday, but his team has five days to prepare for Game 1 against the Rangers on Wednesday night at Madison Square Garden.

“I’m not doing that. I’m not doing anything with that,” he said. “I need a day off.”

Anton Lundell scored for the Panthers and also set up the game-winner when his shot was deflected to the left side of the net. Forsling came in and beat Jeremy Swayman on the short side.

“I didn’t see it go in. I just saw someone else react. It was amazing," said Forsling, who scored 10 goals this season — one of them a game-winner. “I’m not usually the guy who scores the game-winning goal; I’m out there trying to defend. It’s nice to help your team win, but I’ll stick to defense.”

Florida won all three games in Boston this series and six straight playoff games at the TD Garden. The Panthers also knocked the record-setting Bruins out of the playoffs last year on their way to the Stanley Cup Final, where they lost to the Las Vegas Golden Knights.

“They had had such a big year last year,” Maurice said. “This series felt way different than last year’s. I think we’re a much better team than we were last year when we came in here.”

Swayman stopped 26 shots for the Bruins. Pavel Zacha scored to give Boston a 1-0 lead late in the first period, but they were unable to beat Bobrovsky again. In the series, the Panthers outshot the Bruins 198-135.

"You can’t win every game 2-1," Bruins coach Jim Montgomery said. “Their goalie was good, and we didn’t beat him.”

The Bruins got captain Brad Marchand back after he missed two games with an injury believed to be a concussion. The longest-tenured member of the roster got a big ovation at introductions; Montgomery said it helped propel Boston to a better start than previous games, where it spotted the Panthers to a lopsided shooting advantage early.

“That ovation at the beginning of the game says it all,” he said. “I thought it was going to be our night before the game. I thought our players were loose and confident. They went out and played that way.”

Boston took the lead with a minute left in the first period when Jake DeBrusk made a no-look backhanded pass to Zacha to send him on a breakaway. Brandon Carlo also helped by flattening Carter Verhaeghe at the blue line to keep him from pursuing the puck.

But Florida tied it with seven minutes left in the second, after a scramble in front of the Boston net that left DeBrusk on the ice. Lundell swooped into the slot and swept the puck past Swayman.

TOO MANY TOO MANY MEN

The Bruins were called for having too many men on the ice for a record seventh time this postseason. The bench minor early in the second period did not result in a goal for the Panthers.

AP NHL playoffs: https://apnews.com/hub/stanley-cup and https://apnews.com/hub/nhl

Florida Panthers head coach Paul Maurice, top, walks behind his team as they celebrate after defeating the Boston Bruins in Game 6 of an NHL hockey Stanley Cup second-round playoff series, Friday, May 17, 2024, in Boston. (AP Photo/Michael Dwyer)

Florida Panthers' Dmitry Kulikov (7) and Nick Cousins (21) celebrate with Sergei Bobrovsky (72) in front of Sam Bennett (9) and Carter Verhaeghe (23) after defeating the Boston Bruins in Game 6 of an NHL hockey Stanley Cup second-round playoff series, Friday, May 17, 2024, in Boston. (AP Photo/Michael Dwyer)

Boston Bruins head coach Jim Montgomery, left, talks with Florida Panthers head coach Paul Maurice, right, after the Panthers defeated the Bruins in Game 6 of an NHL hockey Stanley Cup second-round playoff series, Friday, May 17, 2024, in Boston. (AP Photo/Michael Dwyer)

Boston Bruins' Jeremy Swayman (1) and Florida Panthers' Sergei Bobrovsky (72) talk after the Panthers defeated the Bruins in Game 6 of an NHL hockey Stanley Cup second-round playoff series, Friday, May 17, 2024, in Boston. (AP Photo/Michael Dwyer)

Florida Panthers' Gustav Forsling (42) celebrates after his go-ahead goal with teammates on the bench, including Vladimir Tarasenko (10), during the third period in Game 6 of an NHL hockey Stanley Cup second-round playoff series against the Boston Bruins, Friday, May 17, 2024, in Boston. (AP Photo/Michael Dwyer)

Florida Panthers' Gustav Forsling (42) scores the go-ahead goal against Boston Bruins' Jeremy Swayman (1) as Bruins' Parker Wotherspoon (29) defends during the third period in Game 6 of an NHL hockey Stanley Cup second-round playoff series, Friday, May 17, 2024, in Boston. (AP Photo/Michael Dwyer)

Boston Bruins' Pavel Zacha (18) celebrates after his goal with Brandon Carlo (25), Parker Wotherspoon (29) and Brad Marchand (63) during the first period in Game 6 of an NHL hockey Stanley Cup second-round playoff series against the Florida Panthers, Friday, May 17, 2024, in Boston. (AP Photo/Michael Dwyer)

Florida Panthers' Sergei Bobrovsky (72) blocks a shot by Boston Bruins' David Pastrnak (88) as Panthers' Brandon Montour (62) defends during the first period in Game 6 of an NHL hockey Stanley Cup second-round playoff series, Friday, May 17, 2024, in Boston. (AP Photo/Michael Dwyer)

Florida Panthers' Sam Bennett (9) collides with Boston Bruins' Jeremy Swayman (1) during the first period in Game 6 of an NHL hockey Stanley Cup second-round playoff series, Friday, May 17, 2024, in Boston. (AP Photo/Michael Dwyer)

Boston Bruins' Pavel Zacha (18) battles Florida Panthers' Aleksander Barkov (16) and Aaron Ekblad (5) for the puck during the first period in Game 6 of an NHL hockey Stanley Cup second-round playoff series, Friday, May 17, 2024, in Boston. (AP Photo/Michael Dwyer)

Florida Panthers' Anton Lundell (15) celebrates his goal against the Boston Bruins with Dmitry Kulikov (7) and Matthew Tkachuk (19) during the second period in Game 6 of an NHL hockey Stanley Cup second-round playoff series Friday, May 17, 2024, in Boston. (AP Photo/Michael Dwyer)

Florida Panthers' Brandon Montour (62) checks Boston Bruins' Brad Marchand (63) during the second period in Game 6 of an NHL hockey Stanley Cup second-round playoff series Friday, May 17, 2024, in Boston. (AP Photo/Michael Dwyer)

Boston Bruins' Pavel Zacha (18) scores on Florida Panthers' Sergei Bobrovsky (72) during the first period in Game 6 of an NHL hockey Stanley Cup second-round playoff series Friday, May 17, 2024, in Boston. (AP Photo/Michael Dwyer)