Employed. My contention is the AI is getting so good at doing tech related things that you'll need far fewer employees. I think Claude Code 4.5 is already there. Honestly, it just needs to permeate the market.
I agree that Claude Code is a lot more effective than I was expecting, but I don't think it can fully replace human software engineers, nor do I think it's on any trajectory to do so. It does make senior engineers a lot more productive so I could see it reducing some demand for new grad software engineers.