I’d go farther and guess that the tech job market would be even worse today without every company with at least 500 headcount (and many smaller than that), whether a tech company or not, putting money into “AI initiatives”.

I don’t think we’ve seen any amount of a net drop in tech jobs on account of LLMs (yet). I actually think they’re (spending on projects using them, that is) countering a drop that was going to happen anyway due to other factors (tightening credit being a huge one; business investment hesitation due to things like batshit crazy and chaotic handling of tariffs; consumer sentiment; et c)