Or they'll hire overseas and LCOL.

Everything is supply and demand. Now workers are orders of magnitude more sourceable and fungible, meaning the supply went way up.

Wages will stop going up and even start to slide backwards for new hires. I've already seen it. I was making just over $400k at my last job, and new positions at the same level aren't listed over $200k total comp.

And if hypothetically AI brings down demand in the future (big if), then the wage curve is under even further pressure.