I don't know, I think it's a wave. Market will bounce back. But yeah, always try to live humbly and keep a hefty savings buffer. This won't be the last bump.

Maybe in 20 years if/when AI assisted coding gets good. But even then I question if it will take every domain out. Webdev, hell yes. Distributed, maybe (but doubtful). Embedded/HFT/anything performance critical? Doubtful. And they sure aren't going to completely automate out anything mission/safety critical.