But I think it’s plausible that SaaS companies will be easier to start with AI coding, and with lower costs (thanks to AI) they will be able to get into the black with a smaller addressable market. So each one can have a different mix of fewer features, for different segments of customers, at lower prices.
The result would be a loss of pricing power by the incumbent do-everything big guys: no more baked-in 10% annual increases. Which is still a pretty big change in their economics. And therefore valuations.