From January to March, it felt like every single day there was another AI announcement. Two months later, Microsoft has told its engineers to drop Claude Code and switch back to GitHub Copilot by June 30. Uber burned through its entire 2026 AI coding budget in four months, with per-engineer token costs running between $500 and $2,000 per month. And yet, where are the major products built fully by vibe coding? Most of what we’ve seen so far is demos, wrappers, landing pages, and internal tools. AI is useful. It speeds up work. But writing code was never the hard part. Shipping, maintaining, securing, scaling, and building something people actually use still requires real engineering. The AI boom may not be over. But the “AI replaces software teams” narrative is starting to calm down.