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It really depends on your domain. If you're into low level hacking and distributed systems, there is a lot more algorithmic work. There is demand for software that's cheap to scale and/or low latency. Some fields are bottlenecked by hardware (machine learning, realtime rendering, etc.) and so benefit from better software. Some production systems still need a large amount of optimization to satisfy economic and product constraints.

I don't think the number of jobs requiring fairly deep systems or algorithmic knowledge has gone down, but the ratio has.

I’ve had trouble finding those systems or algorithmic jobs too, like the grandparent, where some kind of engineering quality matters, be it performance or correctness or something. Everyone wants to hire a “full-stack engineer” to write application code that a junior dev could write, but they want someone senior anyway.

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