That's not the great promise of AI. The great promise is relieving humans from all types of labor and freeing their time to create, explore, imagine, love and live. But human time would only be useful for such goals if proper societal structures are put in place, which is a political issue, not a technological one.
In our current compounding-capital model, what you get is a depreciation of all human capital to zero, therefore everybody who doesn't already own capital is fucked for eternity because they have nothing to compound and get the ball rolling. Zero social mobility, absolute polarization between an AI-owning class and an own-nothing class for as long as revolution is prevented.
By bringing wealth so cheaply that it can be given away.
We already have many things that are given away for free, whereas a 100 years ago they were considered luxury (books, pens, papers, access to knowledge in general, and in Europe - public transport and healthcare, plus to some extent food, heat and electricity).
In our current compounding-capital model, what you get is a depreciation of all human capital to zero, therefore everybody who doesn't already own capital is fucked for eternity because they have nothing to compound and get the ball rolling. Zero social mobility, absolute polarization between an AI-owning class and an own-nothing class for as long as revolution is prevented.