The problem is that an AI built to maximize paperclips might conclude that converting the planet to paperclips is an acceptable cost of maximizing paperclip production. It might understand why humans think it's bad to convert the planet, but disagree. It would need to be explicitly programmed to prioritize human life over paperclips.
otherwise we would just switch it off
If it were super-intelligent, it could probably trick us into leaving it turned on.
The economic bubble being created between the AI and hardware companies is going to pop and take out huge swathes of the broader economy, a la mortgages in 2008.