It's funny that this is missing the negative effects or the possibility of an economic crisis scenario. Many data centers are being built by companies that won't exist in a few years, as the winner will take all. This is why XAI is already renting compute to Anthropic. This goes as well without saying that in few years, compute pricing will drop heavily.

Another effect is increased inequality in the US and other Western countries as software/AI/hardware companies are able to do more with less.

The increase in manual labor wages is not systemic. It affects only the labor used to build data centers.