Oh I'm not saying the AK would not exist, only that it would likely be one of a number of designs in use and the AK would not be as dominant as it has been in real life.
Here are some alternate designs from the era that would be pretty interesting if a little bizarre to most solid infantry types: -
http://world.guns.ru/assault/rus/korobov-tkb-40-e.html
http://world.guns.ru/assault/rus/korobov-tkb-022-e.html
And a more conventional rifle from the same designer
http://world.guns.ru/assault/rus/korobov-tkb-517-e.html