Honestly this is a pretty wild take. AGI won't make food appear out of thin air. Buildings wont just sprout out of the ground so everybody will get to live in a mansion.

We would probably get the ability to generate infinite software, but a lot of stuff, like engineering would still require trial and error. Creating great art would still require inspiration gathered in the real world.

I expect it will bring about a new age of techno-feudalism - since selling intellectual labor will become impossible, only low value-add physical or mixed labor will become viable, which won't be paid very well. People with capital will still own said capital, but you probably won't be able to catch up to them by selling your labour, which will recreate the economic situation of the middle ages.

Another analogy I like is gold. If someone invented a way of making gold, it would bring down the price of the metal to next to nothing. In capitalist terms, it would constitute a huge destruction of value.

Same thing with AI - while human intelligence is productive, I'm pretty sure there's a value in its scarcity - that fancy degree from a top university or any sort of acquired knowledge is somewhat valuable by the nature of its scarcity. Infinite supply would create value, and destroy it, not sure how the total would shake out.

Additionally, it would definitely suck that all the people financing their homes from their intellectual jobs would have to default on their loans, and the people whose services they employ, like construction workers, would go out of business as well.