I wonder how the tech job market would look without the AI bubble. Is the AI the cause of the unemployment crisis(if we believe the CEOs who layoff a quarter of

I wonder how the tech job market would look without the AI bubble. Is the AI the cause of the unemployment crisis(if we believe the CEOs who layoff a quarter of the company because "AI is replacing thousands of developers") or if we didn't have this crazy AI bubble, the market would be a much worse bloodbath.