Yes, very likely, although there's no AI involved and are the humans who are digging their own grave. I can easily picture a future in which 50% of the space available on the planet is allocated for energy production plants, the other 50% for mining farms, and there will be essentially only jobs related to these two activities available, just like using every resource to make paperclips. We started something that could make a nice Twilight Zone plot, and that's what worries me the most.