Let's presume / speculate for a moment that companies will only need 1 developer to do the job of 10 developers because of AI. That would also mean 10 developers can do the job of 100 developers.
A company that cuts developers to save money whose moat is not big enough may quickly find themselves out-competed by a company that sees this as an opportunity to overtake their competitor. They will have to hire more developers to keep their product / service competitive.
So whether you believe the hype or not, I don't think engineering jobs are in jeopardy long-run, just cyclically as they always have been. They "might" be in jeopardy for those who don't use AI, but even as it stands, there are a lot of niche things out there that AI completely bombs on.
A company that cuts developers to save money whose moat is not big enough may quickly find themselves out-competed by a company that sees this as an opportunity to overtake their competitor. They will have to hire more developers to keep their product / service competitive.
So whether you believe the hype or not, I don't think engineering jobs are in jeopardy long-run, just cyclically as they always have been. They "might" be in jeopardy for those who don't use AI, but even as it stands, there are a lot of niche things out there that AI completely bombs on.