> "Is it all the layoffs? The suddenly shaky economics for a lot of our companies? The uncertainty of the career's future in general?"

I'd say that those make up the majority of it. During the dotcom bust, there were waves of bankruptcies and layoffs, tech stock valuations crashing and staying stagnant, and people struggling to find jobs for months, etc. too and there was industry-wide doom and gloom and pundits proclaiming that software was no longer worth getting into. So all this angst seems very familiar. People would probably not be as bothered about AI if the the career outlook was positive.