At best it's going to make a lot of developer jobs insufferable because they're going to be cleaning up the large pile of horseshit that an AI produced to "reduce costs".

Though besides the "AI coding independently" area which I believe is still science fiction for the time being, I do think Software Engineer jobs will be reduced and wages lowered due to the massive productivity increase each developer has from using AI to deal with the repetitive stuff or faster troubleshooting and learning, that previously had to be done by looking at many Stackoverflow posts or parsing through other messy sites to find how something is done.