An AI is developed to optimise some utility function or solve a particular problem.
It decides that the best way to go about this is to build another, better AI to solve the problem for it.
The nature of the problem is such that the best course of action for an agent of any conceivable level of intelligence is to first build a more intelligent AI.
The process continues until we reach an AI of an inconceivable level of intelligence.
My understanding of the FOOM process:
An AI is developed to optimise some utility function or solve a particular problem.
It decides that the best way to go about this is to build another, better AI to solve the problem for it.
The nature of the problem is such that the best course of action for an agent of any conceivable level of intelligence is to first build a more intelligent AI.
The process continues until we reach an AI of an inconceivable level of intelligence.