I think this is already happening, the monthly HN "Who's Hiring" threads have felt like attending a funeral since Microsoft-Google-Twitter mega-layoffs two years ago.
To make matters worse, the big investment opportunity right now is AI/AGI/LLM/Agents and so forth. As money flows toward AI focused firms, they are spending their money on GPUs and electricity. Or, alternatively, they're paying for NVIDIA/OpenAI/.. to do that for them. Some jobs have opened up in this space, but a relatively small percentage is spent on labour.
All of that is my opinion from what I've read!