I think this is a bit too pessimistic. Progress in algorithms has matched or exceeded progress in hardware, so the same number of FLOPS spent training GPT-3 years ago would produce a much better model today. Ditto for energy use, and hardware is more efficient at delivering FLOPS.

> the widening wealth gaps creating a new underclass not seen since before WW2

I go back and forth on this. I think the reality is that "underclass" is a moving target. AI and automation makes things so cheap that today's underclass lives better than kings ever did.