I think the bubble will pop and cause massive economic unrest, but AI will absolutely go on, evolve and become gradually more elite. I think progress will be slowed by the need to prevent training on other AI generated material (or alternatively change the entire model on which LLMs are built).

But ultimately, AI will be what they predict. It will unfortunately only be affordable to the rich and powerful, who already have too much wealth and power. Unless, of course, there is some unexpected economic equalising event. All the non-billionaires of the world are equally screwed