In this paper, we examine the wide-ranging impact of artificial intelligence on society, focusing on its potential to both help and harm global equity, cognitive abilities, and economic stability. We argue that while artificial intelligence offers significant opportunities for progress in areas like healthcare, education, and scientific research, its rapid growth—mainly driven by private companies—may worsen global inequalities, increase dependence on automated systems for cognitive tasks, and disrupt established economic paradigms. We emphasize the critical need for strong governance and ethical guidelines to tackle these issues, urging the academic community to actively participate in creating policies that ensure the benefits of artificial intelligence are shared fairly and its risks are managed effectively.