The article challenges the narrative that ChatGPT directly led to a decline in entry-level jobs. A Stanford paper claimed that employment for young workers aged 22-25 dropped by 16% in AI-exposed roles since ChatGPT’s launch in November 2022. However, a new analysis from the Economic Innovation Group shows that this decline began well before ChatGPT, with job postings for AI-exposed occupations peaking in Spring 2022 and already declining six months prior to ChatGPT's introduction. The timing of the job decline correlates strongly with the Federal Reserve's interest rate hikes that started in March 2022. This monetary tightening affected industries most reliant on AI, such as technology and finance, where hiring typically contracts first during economic downturns. The analysis includes two validation tests: first, a comparison of job trends during the COVID-19 pandemic, which showed that AI-exposed roles declined more steeply than others; second, the decline of junior positions did not outpace senior roles, suggesting that the job market is influenced by broader economic conditions rather than AI alone. While young workers are facing challenges, including higher unemployment rates compared to the overall job market, the authors caution against attributing these issues solely to AI. They advocate for a more nuanced understanding of the factors impacting entry-level employment, urging the monitoring of job postings and wage trends rather than jumping to conclusions about AI's role in job displacement.