The stagnation of certain industries is because of tax policy and the insane greed injected into our healthcare systems when the HMO laws passed in the 1980's.
I'm not even sure what pmarca is talking about here. It's like he's waving his arms, "look over here at my BS and don't look over there where AI is about to slam information workers."
AI will absolutely change the way software engineering is accomplished. We already use things like Cloud Formation templates to auto-build and scale cloud-based architectures. We have code generators to build microservices. We even have modeling techniques to simplify complex systems.
All of those "things" will be plugged into an AI and one senior technologist will be able to write a detailed functional description of a system in natural language, domain models, with data points, and an AI will write, test, integrate, and deploy production level code.
I absolutely see entire divisions of software engineers being wiped out by AI-generated systems.
Pmarca makes the argument that even so, all those engineers will do "something else" that pays a salary and benefits society. The ones that can elevate their skills to systems design and architecture will probably be okay. But people that like coding...they're going to be creating building blocks for the AI to use in its generation processes and those are going to be low-wage jobs.
AI is going to change humanity in dramatic ways. I just hope that in the process, someone builds an AI that figures out a path out of international conflict, through global food and water safety issues, and speeds up our ability to restore the planet's health so humanity can survive.