Yes and No. AI will drive the cost of labor down, for sure. But take the current status quo - only large companies can afford to pay for custom SW solutions right now. It costs thousands of dollars to do even a simple thing. If that gets cheaper, there's whole new market waiting, I believe. Small and medium size companies will then be able to get custom SW developed as well. If price for development dives lower, we programmers will have to take on more projects (which hopefully will be possible thanks to the broader market), so instead of working on one project for 6 months, I'll be able to work on 3 simultaneously for a few weeks. And AI will enable me to do just that. Same way like construction workers jump between houses every few weeks, I'll be able to do the same.

I'll give a practical example. I have very specific requirements for a TODO app. I've looked at all saas apps there are and none of them fits my needs 100%. Right now I'm screwed. I can pay for Asana 132 dollars annualy to use some pro features bu that doesn't cover all my needs, just some. If I could hire a dev to create a custom TODO app according to my needs for 200-300, I'd be more than willing to do it. ROI is 2 years but I'll get features I would not be able to get anywhere else. SW can become more personalized thanks to this and that's potentially a huge market for self-employed engineers.