So I think there's one important thing to note here.

Yes, absolutely, in fact if nothing is changed in terms of how economic policy is done, AI would just make the owners of the IP for the AI and a small elite crew of software engineers and decision makers the wealthiest people on earth. While 99% of the population has no function. And they can't even rebel - assuming the AI is controllable, you just give it a task to design some defense robots, and another task to manufacture them (with recursive tasks to the design the robots to manufacture the robots to...)

Riots are pointless, you could literally have painted lines around defense perimeters where anyone stepping over the line is shot instantly, no missed shots, no hesitation. You can't meaningfully overrun something that like unless you literally have more rioters than the guns have ammo - and good defense software could set up multi kills in that scenario where it kills several people per bullet.

But it's a heck of a lot more interesting than business as usual, where we are supposed to live our short boring lives and die of aging, which seems to just be a software bug in our cells that we have the tools to patch, we just don't have the knowledge to know what to change.