Certainly, there are a lot of potential downsides to AI, some dangerous, as has been pointed out in this thread, but the technology isn't going ANYWHERE except more sophisticated, and we are going to have to learn to deal with it. There is also an upside in it being a tool for creativity, inspiration and information.
It's being developed all over the world, not just in the US. Even if we shut it down here, it's still coming.
As in the early days of the internet, there was the dot.com bubble, and fortunes were made and lost. So it is with AI right now. Bubble or no, we still have the internet. Amazon was famous in the '90's for being this big thing that never made any money. It's making money now.