Yeah, it makes sense that going from a decade or so where SWE was one of the best possible career paths if you have any aptitude to a period where tech cos were staffing up aggressively (I recall reading ~60% growth), there's gonna be a hangover. The educational pipeline probably still has a few years of oversupply to work through, and all of the people laid off post covid still need to work. Even in a world where AI being able to automate some of the key skills required for SWE has no negative impact on employment, we'd expect a few more years of rough job prospects.