I believe that homomorphic encryption is one of those technologies that is too dangerous to develop. It is one step to a path where any person on earth will eventually have access to enormous amounts of computation. Is that a good thing? Well, it means one can do high-powered AI research on chemical and biological weapons or advanced malware by using high-powered compute clusters that they may not otherwise have access to. Moreoever, it will be impossible to detect since the computations themselves are encrypted.