A billionaire-led vision of AI-run economies and humanoid robots is being sold as growth, but it lands as bad news for workers and anyone footing the bill for the data centers.

• Elon Musk told the G20 that AI could add 20-30% to the world economy, and predicted AI will beat any human at writing software within a year.
• He also expects over a billion humanoid robots in ten years, each several times more productive than a person — which means jobs, not just tasks, get replaced.
• The ask attached to all this is deregulation: new technology should be legal by default, with Europe named as the place where rules slow everything down.
• Either the buildout works and people lose their jobs, or it fails and enormous sums have been sunk into data centers for nothing.
• Meanwhile bond markets are wobbling worldwide on deficit spending and inflation, the US struck Iran again, and crypto legislation is stalling in Washington.

Outlook: Expect more spending on AI infrastructure and louder pressure to strip regulations, with bond markets and the Iran conflict the near-term risks to watch.