It seems to me that the biggest winners of the financial sector automation, circa 1990-2010, were (1) a small group of sophisticated prop trading firms and (2) the general public, while the biggest losers were traditional bank traders whose jobs were substituted by computers.

I’m not sure how it turns out for the software engineering space this time, though. Will ai-assisted boutique firms outcompete Google (search), Microsoft (OS and office suite), Amazon (e-commerce and infla) or Apple (mobile device)?