The difference now is many companies have offices offshore with their own management. This isn’t the old offshore consulting to save a few bucks now. This is company employees who just cost a lot less. Once AI becomes more mature this will accelerate rapidly. Companies are going to do whatever they can to reduce labor costs. Always have.

It's not just offshoring now though. It's offshoring plus hundreds of thousands of H-1b holders being brought onshore. Entire departments at major tech companies in US offices are populated by foreign labor. As far as I'm aware that's unprecedented, and it's very different from the offshoring cycle.