I share the concern based on the current productivity expectations but I did stumble across something recently which makes me feel a lot better. There was a change in the tax code that coincides with the beginning of the post-pandemic layoffs[1]. This was changed back last month by the BBB which likely means a bunch of new R&D spend for big tech. I think this is why we are seeing intense M&A activity and if we can keep the AI hype under control it will probably lead to new hiring as well.
[1]: https://qz.com/tech-layoffs-tax-code-trump-section-174-micro...