It seems more likely that people will get paid more. When companies want to reduce labor costs they usually lay off people, not decrease salaries. We see this happening in FAANG. The remaining workers will not only need to understand their industry domain, but they will also need to be skilled in working with AI tools. People who can do both well will be in demand.
Give us $X/year for our tool that makes your employee "more efficient" (more fungible tbh). Subtract that $X/year from the salary you pay.
That's their big bet.