He's not entirely wrong, but here's my take: however sophisticated these AI-built software systems are, no one has shown that they can do what Agile methodology brought to the industry: ease of modification to serve changing business needs.

Once the AI sets up the initial data modeling and storage system cross-talk, and it's singing in production with paying customers, how well is it going to continually iterate on that system when non-engineers make asks of it? My guess is, not that well, and worse and worse as the business evolves. Who's going to be able to make sense of the possible hallucinations and spaghetti code nightmare under the hood when things are going too haywire to ignore? Are you going to let it just drop columns being used by active code, while it takes minutes if not hours to rebuild indexes on new ones? Let it design access patterns across 10+ table joins? Make UI decisions that load 100 nested divs for every element in an array because that's how it interpreted the best way to do styling?

Someone's going to blow a company to hell trying to get AI to build and continually run IT, I predict, and it will be a much-remembered case study.