Techno-feudalism and the rise of AGI: A future without economic rights?

Is a future where AI replaces most human labor rendered impossible by the following consideration:

-- In such a future, people will have minimal income (possibly some UBI) and therefore there will be few who can afford the products and services generated by AI

-- Therefore the AI generates greatly reduced wealth

-- Therefore there’s greatly reduced wealth to pay for the AI

-- …rendering such a future impossible

Alternatively:

-- In such a future, people will have minimal income (possibly some UBI) and therefore there will be few who can afford the products and services generated by AI

-- Corporate profits drop (or growth slows) and there is demand from the powers that be to increase taxation in order to increase the UBI.

-- People can afford the products and services.

Unfortunately, with no jobs the products and services could become exclusively entertainment-related.

Let's say AI gets so good that it is better than people at most jobs. How can that economy work? If people aren't working, they aren't making money. If they don't have money, they can't pay for the goods and services produced by AI workers. So then there's no need for AI workers.

UBI can't fix it because a) it won't be enough to drive our whole economy, and b) it amounts to businesses paying customers to buy their products, which makes no sense.