If the former then yes singularity. The only hope is it's "good will" (wouldn't bet on that) or turning off switches.
If the latter you still need more workers (programmers or whatever they'll be called) due to increased demand for compute solutions.
That's too coarse of a choice. It's better than people at increasingly large number of distinct tasks. But it's not good enough to recursively self-improve just yet - though it is doing it indirectly: it's useful enough to aid researchers and businesses in creating next generation of models. So in a way, the recursion and resulting exponent are already there, we're just in such early stages that it looks like linear progress.