It's more complex than that, a summary of my highly subjective understanding:

1. AI companies manage to build AGI and achieve takeoff. I have no idea on how to hedge against that.

2. The market is not allowed to crash. There will likely be some lag between economic weakness and money printing. Safer option is probably to buy split 50% SPY and 50% bonds. A riskier option is trying to time the market.

3. The market is allowed to crash. Bonds, cash, etc.

Depending on what you believe will happen and risk appetite you can blend between the strategies or add a short component. I am holding #2 with no short positions in post-tax accounts and full SPY in tax advantaged accounts.