Thank you for the response! :)
AI is actually a loosely defined term. What you describe is what some call strong AI (which is not exactly the same as AGI, although they're often used interchangeably). Today we aren't close to Strong AI/AGI, however I have little doubt we'll create it if it's within our reach someday.
About the "potentially cataclysmic" bit, I think you're right, but we could say that about every powerful technology. The science itself is neutral, it's how we use the tech that counts. Sadly, those uses are often tied to very specific interests that more often than not aren't directed to increase humanity's wellbeing. That's something to think about!