AI could be considered a “machine”, like all the other machinery upon which creative societies are based. Therefore the prognostic philosophy will be the same.
For more than a century it has been proposed that “machines will do all the work for humans”. It is true that heavy work has been assisted by levers, block-and-tackle and eventually by steam power and internal combustion devices (which include the jet engine)
However these devices themselves have to be constructed, and at a cost. Ultimately the machines do allow some individuals to work without assistance. However the costs of the machinery have to be factored into the cost of the product. Said another way the cost to society. The combine harvester exemplifies: It allows a single farmer to do the work of many. The cost is factored into the price of grain. [Those costs include design and development, maintenance, transport, fuel, taxation and more]
Eventually it is that individual farmer who can profit, and so become rich. But those who buy the grain become poorer (because they are paying for the pyramid of costs). The result is that the poor (who cannot afford the capital costs of machinery. and the financial mechanisms which allow some to “lever” the availability of money) become poorer.
Thus machines increase the rich-poor divide. But we know that, because it is demonstrated all about us, every day. Those who own motor-vehicles earn sufficient to own motor-vehicles.
AI is much the same. Granted electronics are “cheap”, but nevertheless there are considerable costs in development, construction, mining, distribution, sales and more.
Therefore the question is not what AI can or cannot do, it is the ultimate fate of increasing wealth for the few, and increasing poverty for the many.
Wealth means power. The outcome will be power for the few. Since machines are necessary to make machines a multiplier effect will occur, and that power will be exponentially increased for the few who will be exponentially reduced in number.
Ultimately the ultra-few (probably anonymously) will control mankind.