This is what will really happen. AI will never completely replace a development team, but it can (and will) cut it to a third of its size because all the bulk work is done by AI and just tested or proofread by humans. This will happen over all sorts of industries as different AI models are trained in different skills and fields.

At the end of the day though it doesn’t much matter if you have 66% of people or 90% of people out of jobs, you have a major problem either way. If AI takes over the workforce something must be done for the people it is displacing.