I don't believe it'll work for anything that doesn't have a tight feedback loop. So while it can replace a lot of software engineers, it doesn't seem plausible to me that it would make a significant difference in other engineering industries.
It tells a lot about our society that the only way to apply capital is to build a slop machine that will make us redundant.
The markets and I agree then.
I'm a firm believer in technological progress, but not so fond of group-think hype trains. The LLM/diffusion breakthrough(s) are huge, but they aren't what their rabid fans/neurotic critics are thinking.