The AI bubble bursting will wreck the economy far harder than the Dotcom bubble did. And the dynamic is OBVIOUS. This is not an "if" problem, it's a "when" problem.
If AI produces a maximal result along the lines of what the frontier labs suggest, it'll eat fifty million jobs, which will wreck the economy far harder, and for far longer.
The constant chatter about AI breakout is half legitimate concern and half positioning to nationalize it, shielding the circular dealing crew from consequences.
This will not be Skynet; as a society we are far too primed to envision events that can be told in a single two hour action adventure with a clear, satisfying ending. When the historians get to this they will note the breakout happened 2025 - 2027 -- because that will be the time where human network threats enhanced by AI will starting further enhancing AI.
There are no "sides" to this, it'll be like the African savanna - lions, leopards, hyenas, cheetahs, wild dogs, servals & caracals, clear down to my personal favorite, the black backed jackal. A network of carnivores of various sizes pursue networks of herbivores. Nation states, corporations, non-state actors, activist groups, talented individuals; all are making use of AI in conflicts already.
The genie can not be put back in the bottle, the open models are only a little behind the frontier, and things are going to keep happening no matter what bellicose policy pronouncements come from an increasingly irrelevant Washington, D.C.
I'll be riding the Claude subsidy until it ends, then hopefully have acquired a potent professional GPU or unified memory setup of my own. Won't be nearly as quick, but it'll keep me moving.
Now scale that thinking up by whatever percentage of eight billion people have technical capabilities. That's the future.