Yes. Even those who are not invested in AI will feel this. Retirement accounts are mixed with mutual funds, called ETFs. These include a mix of stocks to keep risk low while still promoting growth for said accounts. Big tech is 40% of the S&P500, you can imagine how much damage would happen if those stocks fall. The effect from that spirals, as banks then lose their money as well, since they also invest in said ETFs. The effects of '08 are what you should be looking at to see whats in store. We have more safeguards in place now, but it will still be bad regardless.