Yeah nah, theres a key thing missing here, the number of jobs created needs to be more than the ones it's destroyed, and they need to be better paying and happen in time.
History says that actually when this happens, an entire generation is yeeted on to the streets (see powered looms, Jacquard machine, steam powered machine tools) All of that cheap labour needed to power the new towns and cities was created by automation of agriculture and artisan jobs.
Dark satanic mills were fed the decedents of once reasonably prosperous crafts people.
AI as presented here will kneecap the wages of a good proportion of the decent paying jobs we have now. This will cause huge economic disparities, and probably revolution. There is a reason why the royalty of Europe all disappeared when they did...
So no, the stock market will not be growing because of AI, it will be in spite of it.
Plus china knows that unless they can occupy most of its population with some sort of work, they are finished. AI and decent robot automation are an existential threat to the CCP, as much as it is to what ever remains of the "west"