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Everyone can "code" today, but it takes a good developer to write good code still. And you need an analytical mind to formulate, check and reformulate the features you want. Basically, the stuff you learn later in your career. If companies get rid of the developers they don't need anymore, I'm not sure where the ones they do need will come from in the future. Not from junior developers gaining experience and leveling their game.
In my personal experience, it's not junior devs becoming senior with time. It's much cheaper business analysts who are being expected to do our own coding now because AI makes it "so easy". Thanks, I hate it. I'm a pretty great analyst but a pretty mediocre developer...and my salary continues to reflect that truth (which is exactly why companies are doing it). Someday I'll probably be an ok developer if the trend continues, all for a BA salary.
They are trying to replace the wrong jobs in my opinion. But we'll probably not see a manager replacing himself because he realized he's worthless after all.
It seems some companies are still keeping their pipelines going.
I wonder what they know that all the vibe-coding C-suite types in other companies don't know?
My guess would be: a lot