There will be a handful of people who make stratospheric compensation, a bit like we have now.

Everyone else will have extreme job uncertainty, getting laid off multiple times, losing compensation as a result (ie equity vesting) with compensation that at first stagnates and then starts to slowly decline in real terms.

A lot of the big tech companies will likely spend less effort on non-core activities. Think of all the things Google does. Anything that's purely internal will be gutted staffing-wise because it's the safest testbed for shifting the engineer-AI balance on teams before rolling it out further.

If you listen to non-tech people now you hear tales of applying for hundreds of jobs and getting no response. That will become more normal. What's worse is that AI seems to be to blame here. Companies all use the same AI ATS systems and I've seen allegations that candidate scoring gets cached for upwards of a year. So if the system happens to give you a bad score, literally nobody will see your application because you'll get filtered out before any human sees you.

I was watching a VC give a talk from some conference in France and the general sentiment is that no companies are being funded with teams greater than 5. Why? AI. So don't think you can startup your way out of this slump unless you're somebody who has the connections and CV to get funded anyway, in which case you might well have some of those stratospheric options anyway, at least for now.