I am unsure if AI and technology can or will completely substitute teachers. However, I have noticed a trend in education where an increasing part of the learning process is online or done independently (in other words, it is more the student's responsibility and the teacher's role has been diminishing over time). In addition, it seems that teaching as a profession is not as popular as it used to be, and more people choose or end up in an adjacent or a related field, such as instructional design. While these alternative fields are in high demand, I imagine AI might eventually replace many jobs there as well - however, this might happen at a slower pace than in less educational fields, for example, software development. Currently, I think AI and technology might replace teachers (and maybe eventually instructional designers) primarily in theoretical classes or subjects; this progress is slower in classes that include plenty of manual and practical exercises/learning. Only time will tell whether, or when, AI combined with simulators and robotics might substitute teachers in laboratories and other "hands-on" settings as well.
AI can also help teachers automate administrative tasks, enabling them to focus more on instruction and student interaction. Furthermore, AI-powered virtual tutors can provide round-the-clock support to students, while customized learning solutions can empower students with special needs to reach their full potential.