The rise of AI: should we be scared or ecstatic?

Tesla and SpaceX CEO Elon Musk has repeatedly said we need to be more concerned about safety with the increased use of AI. He claims it's a "bigger threat than North Korea", with an AI arms race most likely to cause World War III, and should be regulated. But given the potential benefits of artificial intelligence, is Musk being paranoid? Are robots realistically going to take over? AI has the potential to deliver scientific breakthroughs like we have never seen or imagined.