'Watch out': Senate Intelligence chair cautions on AI 'deep fakes' ahead of 2024 election

• The chairman of the Senate Intelligence Committee warned that artificial intelligence could be manipulated to affect the 2024 U.S. elections and financial markets.
• These are "the two areas where AI can have the most immediate disruptive effect," Sen. Mark Warner told CNBC's "Squawk Box."
• Warner said the U.S. is vulnerable to countries with advanced AI technology, such as China.
• President Joe Biden during a speech at the U.N. General Assembly said he plans to work with global competitors to strengthen rules and policies around AI.

U.S. Sen. Mark Warner, D-Va., speaks at a news conference as he and other senators unveil legislation that would allow the Biden administration to "ban or prohibit" foreign technology products such as the Chinese-owned video app TikTok, in Washington, D.C., March 7, 2023.

Bonnie Cash | Reuters

WASHINGTON — The chairman of the Senate Select Committee on Intelligence warned Wednesday that artificial intelligence could be manipulated to affect the 2024 U.S. elections and financial markets.

These are "the two areas where AI can have the most immediate disruptive effect," Sen. Mark Warner, D-Va., told CNBC's "Squawk Box."

"With a presidential year coming ... the kind of deep fake and manipulation that can take place: Watch out," Warner said.

Warner said AI tools could cause a "massive disruption" in public markets.

That could lead to Congress passing new laws with penalties to discourage bad actors, he said.

Warner said the United States is vulnerable to countries with advanced AI technology, such as China.

President Joe Biden on Tuesday spoke at the United Nations General Assembly about his plans to work with global competitors to strengthen rules and policies around AI.

Biden said those efforts were geared "to make sure we govern this technology, not the other way around, having it govern us."