The CEOs are lying and LLM-based AIs are greatly overrated. They're helpful, but they're more like an enhanced version of Stack Overflow.
If you know what you're doing, they slow you down. For example, I know Java really really really well. When I have Claude Sonnet or Opus generate Java, it takes them waaay longer than it takes me to write it, so I can't be lazy and outsource it to them. It seriously takes the AI minutes to do something it takes me seconds to do.
OK, so what about things that take me minutes?...like writing a unit test?...well, that's my favorite use case for AI. I'd LOVE to see it succeed, but I work primarily in Java, a compiled language...and it is strict about getting things right, so I see the errors immediately. Python users who vibe code, just ship bugs and let their users find them. OK, so with enough tries, it barfs out a unit test. It looks pretty good...afterall, LLMs are top-notch guessers. Unfortunately, the unit test is completely wrong and useless...so I have to go make it actually test the code instead of testing bean getters and setters and stupid shit like that. The scary part is that it looks good. It looks correct. But it often isn't, so you have to evaluate line-by-line.
One of my coworkers is more bullish on AI and introduced over 20 bugs last week with his AI slop, including undoing half my fixes for the week. His boss is consider putting him on a Performance Improvement Plan for his AI use. He's not a dumb guy. He just didn't understand the pieces I worked on, didn't read my docs and comments, and was fooled by the AI when it undid all my code to make his component's test pass. He is in India and didn't wait for me to review the code and had someone in IST review it who knew even less.
The only powerful use case I've found for them is for scenarios where you need to work with a technology you used to know well, but have forgotten. As a backend software engineer, this would be front-end code, RegExes, obscure stored procedure method calls, etc. For RegExes, I write them maybe 2x a year...so I never am confident of things I write. I can review the code better than I can write it from scratch.
If you've never used a technology, the code is unreliable. At best, it might save you some time learning. For example, if I had to write something in C#, a language I barely touched 20 years ago, it might double the ramp-up time, but I'd still have to spend a lot of time learning the fundamentals of the language. It would take the place of a really well written book...helpful, but not a game changer.
The point being...AI doesn't tangibly save time. It might save a bit under some circumstances, but not enough to justify layoffs. The CEOs are full of shit. They're AI washing routine layoffs. Either they overhired, or they wanted to shut down products and features or they wanted to get rid of dead weight....but apparently it's more fashionable to overtly lie to investors? It baffles me why shareholders haven't filed a lawsuit against Beinhoff....or any other CEO.