AI is both what you say, and it is something more.
While wealth is busy stepping on you with its jackboots it is vying with other wealthy people for resources and power. Because AI is something that will increase the wealthy persons power, there is the counter risk that another persons AI will make them even more wealthy if they don't keep improving their AI.
The wealthy really don't want to get in a very expensive AI war with each other if they can avoid it. They'll seek to regulate it enough they can gain power over most, but setup a regulatory system they feel gives them some form of control.
While wealth is busy stepping on you with its jackboots it is vying with other wealthy people for resources and power. Because AI is something that will increase the wealthy persons power, there is the counter risk that another persons AI will make them even more wealthy if they don't keep improving their AI.
The wealthy really don't want to get in a very expensive AI war with each other if they can avoid it. They'll seek to regulate it enough they can gain power over most, but setup a regulatory system they feel gives them some form of control.