Engineer salary dynamics: SHORT TERM The higher datacenter costs get (both net & amortized), the more engs will get paid, due to unmooring from the old lower-salary anchors. LONG TERM The lower datacenter costs get, the more value in the chain gets captured as engineer income.

Of course "they're worth more" is doing much more work than "unmooring from old anchors". But I do think we're also seeing an effect in the short term from expensive data center costs which is the reverse of the usual "commoditize your complement".