I think we're misidentifying AI as the catalyst when it's more like the accepted excuse for diminishing compensation for software developers. Ownership wanted to drive down costs as salaries were getting out of control. This includes not just wages but work/life balance and other perks.

Personally I think its cyclical as software is such a key component of communication and automation - and so we'll see future growth periods but probably not to the same extent as the last decade where seemingly every undergrad was compelled to study Computer Science.