I believe it is almost certain that we will make something like this and that they will out-compete us. The bigger problem here is that too few people believe this to be a possibility. And when this becomes certainty becomes apparent to a larger set of people, it might be too late to tone this down.
AI isn't like the Atom Bomb (AB). AB didn't have agency. Once AB was built we still had time to think how to deploy it, or not. We had time to work across a global consensus to limit use of AB. But once AI manifests as AGI, it might be too late to shut it down.