If AI is gonna cook IB/Equity research so much, how come it hasn’t been outsourced already?

I’m only a college freshman so forgive me for my ignorance. But I keep seeing people here and elsewhere saying how AI is gonna cut entry jobs in IB, ER, and even consulting, their reasons being much of the junior work is highly standardized and repeatable processes. I don’t doubt that the work can be mundane, but how come these same jobs were never outsourced to India or China the same way tech was? At least not remotely on the same scale. Banks also give far fewer H1Bs as far as I know. If Indians and Chinese couldn’t replace analysts, why do people think AI will? I’m genuinely curious, please don’t flame me