The fatal flaw with speculations of this sort is assuming intelligence is radically transformative yet doesn’t transform capital itself.

The value of capital historically derived from its capacity to enhance human coordination and meaning-making, acting as a proxy for compressing all values into a single quantifier.

If AI is genuinely intelligent, why wouldn't it make the proxy smarter rather than just making more of the same dumb proxy? The scenario where "approximately everything belongs to those wealthiest at transition" requires that wealth means the same thing before and after—that the compression function of capital stays fixed while everything else transforms.

The more interesting question isn't "how do we redistribute returns from automated capital?" but "what coordination capacities become possible when AI lets us optimize on 100x more dimensions of value?"