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If AI continues to deliver what it promises, I suppose there is a not too distant future where even Senior Engineers are not needed?
It's possible that way less engineers will be needed in the future to maintain existing system. But I think overall more software will be written and more personalized applications. If anyone and everyone can bring their vision to life with just a few prompts, I think the future is going to be super exciting.

I think the software engineering profession will change but overall be a net positive.

Does it deliver on what it promises? I haven't seen one use that's actually on a level with the work it's trying to replace.