It's not about capability. It's about who "holds the key". And sure, many currently with deep pockets and pushing for AI will miscalculate and get pushed by the wayside. I think many people who are not in the 0.001% are miscalculating right now in HN.

What's important is that ultimately some small subset owns this, and it doesn't matter how smart they are, only that they own the thing and that it cannot be employed against them (because they hold the key).