I already wrote about this previously. But I do believe the biggest threat of AI is that it is used to create entire supply chains and tools for production so that most of what needs to be done can be done without the majority of us. In other words, it is the next stage after capitalism where the elite just have endless power through the production of goods using machines, so that the majority of us are either eradicated or subjugated in some horrible way.

Unlike the author of the linked article though, I don't even see why AGI would be necessary for this. AGI refers to an AI having some sort of true intelligence but the system of current AI + human being already has that, so AGI is kind of a red herring in this situation.

All you would need is a sufficiently powerful AI, plus some advances in robotics, to make this work. After all, an AI doesn't need to be intelligent to drive a car, find new raw materials, and build stuff.