I don't think the writer is aware how regular business cycle works.

It starts off with some companies in a particular industry generating great margins. Slowly more companies start joining the industry and there are still great margins. The early employees see huge jump in salaries. But with time everyone wants to pile in - both companies and people. You start seeing hype that this industry is the next big thing and you can't survive without being part of the industry. Once the industry becomes too saturated companies start exiting, people are laid off, industry services become worse etc etc. Nearly every industry goes through this boom and bust, spring and winters. Most destruction leads to a new spring.

Software has seen two springs though. First, the dotcom boom. During the dotcom boom lots of OPEX was spent on undersea cable because everyone was going to use these new fangled "websites". But after the 2000s crash the data prices crashed and it led to the 2013-2020/21 boom. We have to see where things go from here.

The same thing is happening in AI. It is started off with some companies making good margins, there are huge salaries being doled out to early AI experts and give it enough time the market will be chockful of AI related stuff and also going down. That time we can see similar commentaries about how golden age of AI was killed due to greed.