It's likely more the change in R&D tax code. You'd see equivalent or greater layoffs in content creation (marketing, etc.) and other roles where AI would enhance writing and summarizing efficiency.

Developers should now just use AI to beat the big tech co's at their own game. Prompt engineer products 10 times better than any offering from FAANG++. Even VC's aren't required!

(At some point some slanky garage outfit is going to become the next Apple by picking up top notch engineers from soup kitchens and curbs ...

... and then the AI bubble will burst - ...

... of course the market will re- shuffle, but, in the interim - it's going to get interesting.-)