Eating our own tails

A commentator argues that AI-driven productivity gains could drastically reduce the number of developers needed per app, leading to mass unemployment and collapsing valuations for AI chip companies like Nvidia and Micron.

If we are able to build mountains of code in days instead of months. Then we don’t need 100 developers per app, but just a handful…. say 7. If we only need those 7, then we only need to buy 7 AI subscriptions. If we only buy 7 subscriptions instead of 100, then we pay the AI companies a tiny amount of money, so they don’t need all those chips, which means they don’t buy from Nvidia and Micron and friends. Right? So 93 people are out of a job and valuations collapse? Please tell me I’m wrong.