Bigger threat to the job market: High Interest Rates or AI?

I was wondering what everyone’s opinions and outlook was regarding the future of the job market for software development jobs. The market got bad around 2022 when interest rates shot up. Money was no longer free and companies went through major layoffs. Granted Trumps policies causing inflation headwinds, rates may be higher longer. Four years later, we are all getting AI shoved down our throats. For some people improving productivity, not so much for others. What do you guys think will hurt the future job market more? Higher interest rates or AI?