The leverage doesn't end unless the AI-owning capital class Terminates the rest of the population.
But I could imagine a scenario where the AI-owning capital class becomes indistinguishable from the government, and the government retains control of the military. Regular disenfranchised folks usually don't stand much of a chance against their own country's military. It would be super super bloody, but it's a toss-up as to who would win. In reality, though, in the end, everyone would lose.