Humans reproduce, there is no requirement that even destruction and death would lead to equality, not even if the elites still put themselves close enough to the rest of us as to be attackable.
For the latter point, consider that no matter how much the people of North Sentinel Island hate outsiders, they're not going to pose any risk to the rest of us.
Now, an elite whose membership includes those who want equality for the rest of us, that may create conditions for such a rebellion to succeed, but absent such from an insider (which could be encoded into the AI via either a bug or deliberately from whoever created the AI), some elite whose defence is handled by the kind of AI under consideration would not face any more of a threat from the wider population than we here in the west today face from the North Sentinel Islanders.
Note however that I'm not saying what will happen, but what is possible in various conditions. There's no guarantee of anything at this point.