what you describe and what I am theorizing are not incompatible. I am already seeing massive AI hiring bubble - especially in the bay area. CS grads with strong fundamentals and AI fluency are being snapped up even at the entry level. Macro trends can be true in aggregate and dramatically false in localized ways.
As an illustration, SF office leasing activity reached a 10-yr high in Q1 2025 and AI focused firms accounted for 90% of the leases in Q2 2024.