So, jobs are being replaced by AI spending (not by AI), and AI spending is increasing because of AI, which means AI is replacing the jobs. Did I get wrong?
OTOH, if it is only dreams of AI, manifested as AI spending, or CEOs laying people off thinking that AI will soon (even if not today) be capable of backfilling them, then this may well backfire, and will be "reversed" if demand is less than forecasted and/or job-replacing AGI doesn't materialize, and all we get is productivity tools, useful mostly for a narrow band of jobs.
Incidentally, I think Karpathy might be right that there is pretty much only one job that seems it actually could be replaced by AI today, at least potentially, which is call center tech support, or customer support, staff, who are dealing with a narrow domain and just reading off a script.