In order to compete with AGI, humans have to take wages lower than the cost to run or use AGI models. This means that incomes will reduce but also the cost of production will go down. A massive deflation event will occur because supply becomes nearly infinite and free.

This is, essentially, a race to the bottom. If wages effectively become zero then who purchases the cheap goods and services that AGI produces? We'll need a redefinition of profit and company goals where something other than money becomes the objective.

It's delusional to think that companies would be benevolent and become stewards of resources. The only alternative goal is control.