IMO this is a common trap. Certainly there's no boundary of cognitive capability that separates capitalist elites from those below them in terms of an AI's ability to outperform them.

But that doesn't really matter when we talk about "replacement" because these people don't "do" they simply "own".

They're not concerned about being outpaced at some skill they perform in exchange for money...they just need the productive output of their capital invested in servers/models/etc to go up.

It's not about capability. It's about who "holds the key". And sure, many currently with deep pockets and pushing for AI will miscalculate and get pushed by the wayside. I think many people who are not in the 0.001% are miscalculating right now in HN.

What's important is that ultimately some small subset owns this, and it doesn't matter how smart they are, only that they own the thing and that it cannot be employed against them (because they hold the key).