Should we be terrified or excited about an emerging AGI/ASI?

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The original was posted on /r/singularity by /u/straceface on 2023-06-27 11:48:42+00:00.

This community is clearly split, there's a contingent extremely worried about the possibility of an AI superintelligence, and there's also so many folks out there extremely excited about how this could impact humanity for the better.

What are the arguments for and against both?