US (and the rest of the western world) citizens face real life problems in youth employment, social/political instability, unaffordable housing, internet addiction (yes, I believe that it is real problem that people spend 5 hours on their phones daily) and social atomisation. Meanwhile all resources are put in a rush into building technology that does not fundamentally improve people's well being. Advanced societies have had pretty good capabilities of doing writing, design, coding, searching information, etc. Now we are pouring all available resources, at any cost, to automate these processes even more. The costs of this operation are tremendous and it doesn't yield any results that improve everyday lives.
In 2020 there was a ton of UI/UX/graphics companies that could produce copious amount of visual content for the society while providing work to many people. Now we are about to automate this process and be able to generate infinite amount of graphics on demand. To what end? Were our capabilities to create graphics any kind of bottleneck before? I don't think so.
The stock market and tech leadership are completely decoupled from the problems that the majority of people faces. The real effect of AI at hand is to commoditise intellectual work that previously functioned well dispersed in society. This does not bring benefit to the majority of people.