That's absolutely true, but it doesn't mean AI won't lead to job losses just in terms of increased productivity: if your existing programmers can get more done you may find yourself reducing (or at least freezing) your team size.

I continue to hope that the net result of programmers getting more productive is an increase in demand for our skills, as employers realize they can get a whole lot more value for their investment. It might take a while for that to shake out though - we need companies to realize they can take on more ambitious projects now.