While the public focuses on AI's potential, a small group of tech leaders is using the current unregulated environment to amass unprecedented power and wealth. The federal government is even blocking state-level regulations, ensuring these few individuals gain extraordinary control.

Just as oil wealth allows elites in some countries to ignore their populations, control over AI could empower a new elite to maintain power without cultivating human productivity, leading to societal decay and loss of democratic legitimacy.

The argument that AI will reduce inequality is flawed because democratizing access to tools doesn't democratize the economics. Technology markets naturally consolidate power and wealth, as seen with search engines and social networks. The financial benefits of AI are likely to concentrate at the top.

New communication technologies historically democratize society before elites regain control. Jill Lepore argues that emerging AI technologies are breaking this cycle, as they appear to be consolidating power with elites from the outset rather than providing an initial wave of popular empowerment.

The negative public discourse around AI may be heavily influenced by a few tech billionaires funding a "Doomer Industrial Complex." Through organizations like the Future of Life Institute, they finance journalism fellowships and academic grants that consistently produce critical AI coverage, distorting the public debate.

The Tarbell Center, funded by billionaire Dustin Moskovitz, provides grants to journalists at prominent outlets like Time, Bloomberg, and The Guardian. The explicit goal is to insert 'AI Doomer' narratives into mainstream media, raising conflict-of-interest questions as recipient newsrooms may be hesitant to critically cover their funder's influence.

While AI alignment gets attention, the risk of AI concentrating immense power in the hands of a few actors (corporations or states) is arguably more neglected. This could enable unprecedented surveillance or create a single company with the economic power of a nation, posing a distinct and severe threat.

A future scenario where elections persist, but AI systems controlled by corporations automate candidate nominations. The public votes on candidates pre-selected to serve corporate interests, rendering democratic processes hollow while people are placated with material handouts.

Meredith Whittaker argues the biggest AI threat is not a sci-fi apocalypse, but the consolidation of power. AI's core requirements—massive data, computing infrastructure, and distribution channels—are controlled by a handful of established tech giants, further entrenching their dominance.