They've created artificial scarcity through overhiring and bullshit layoffs. The total pool of workers is shrinking thanks to the pandemic and we still haven't seen the full impact of that. Future COVID waves will shrink it further. The employers are massively fucking up right now in thinking they have the upper hand. They're just igniting the kindling for tech unions, which they _really_ won't like.

Also, India didn't replace you in the 90's and AI isn't replacing you now.