The Technological Singularity

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>The technological singularity—or simply the singularity—is a hypothetical point in time at which technological growth becomes uncontrollable and irreversible, resulting in unforeseeable changes to human civilization. ... The first to use the concept of a "singularity" in the technological context was John von Neumann.

Ray Kurzweil says it will happen in 2042 specifically. What will actually happen?