If your argument is that value produced per-cpu will increase so significantly that the value produced by AGI/ASI per unit cost exceeds what humans can produce for their upkeep in food and shelter, then yes that seems to be one of the significant risks long term if governments don't intervene.
If the argument is that prices will skyrocket simply because of long-term AI demand, I think that ignores the fact that manufacturing vastly more products will stabilize prices up to the point that raw materials start to become significantly more expensive, and is strongly incentivized over the ~10-year timeframe for IC manufacturers.
I'm no economist, but if (when?) the AI bubble bursts and demand collapses at the price point memory and other related components are at, wouldn't price recover?
IF a theoretical AI bubble bursts sure. However the largest capitalized companies in the world and all the smartest people able to do cutting edge AI research are betting otherwise. This is also what the start of a takeoff looks like
Unbounded increases in complexity lead to diminishing returns on energy investment and increased system fragility which both contribute to an increased likelihood of collapse as solutions to old problems generate new problems faster than new solutions can be created since energy that should be dedicated to new solutions is needed to maintain the layers of complexity generated by the layers of previous solutions.
This https://cdna.pcpartpicker.com/static/forever/images/trends/2... will happen to every class of thing (once it hits energy, everything is downstream of energy).