Also an analogy with the globalization of manufacturing era. People have I think been prone to assuming that the West has a "magic ingredient" which entitles it to revenues from skilled work forever. A presumption that people overseas, especially in the "south" and "east", wouldn't acquire the same skills or culture. The idea that it is so absolutely critical to software development to be in an office in Silicon Valley that it's worth paying enormous premiums even relative to the rest of America and the West (+).

That is being disrupted. Ironically, by American AI firms who want a cut of all software engineering salaries globally.

(+) UK software developer working for an American multinational here, aware that my salary is "great by UK standards but not by American ones"