What is currently advertised as AI (LLMs) cannot replace all software developers.
It is a tool that can make software developers more productive so there will be less need for low level positions but there will still be a substantial need for senior developers.
LLMs, if tuned for software development, present an opportunity for a company, that can plan beyond the next couple of quarters, to produce software of unprecedented quality and with as yet unseen features and usability.
Of course, there will be companies which will use LLMs incorrectly and replace most developers (and other people) and create products that are even worse than what is currently available since they don't understand what LLMs are or how to utilise them correctly. Those companies will either realize and fix their mistakes or go bankrupt.