This is one of the most easily misjudged questions in the capital markets of 2026. Recently, the panic around SaaS essentially stems from a seemingly reasonable inference:Since AI can already generate code and applications, does that mean the moat for SaaS no longer exists?
My conclusion is very clear:SaaS will not disappear, but its core business model and product form are undergoing the most drastic reconstruction since the 'cloud transformation.'
1. What the market is truly panicked about is not actually 'software,' but two things. In the current so-called 'SaaS-pocalypse,' what has truly been shattered are two traditional cornerstones:
1.1 The business model of charging per user
The revenue formula for SaaS in the past was:
Revenue = Price per seat × Number of employees
But AI agents are directly replacing humans in performing a large number of procedural tasks. When the workforce stops growing, or even gets replaced by AI, software that charges per user naturally faces pressure on its revenue model.
1.2 Interfaces reliant on manual operation
If an AI can complete reconciliation, analysis, and decision-making directly in the background, then even the most beautifully designed dashboard becomes redundant.
This is the real source of market panic, not whether 'AI can write code.'
2. Why 'AI can generate software' does not equal 'SaaS will be replaced'
One...