That AI has made building software trivial, so SaaS is finished. Building a demo is trivial now — a weekend’s work. Building something multi-tenant, reliable, supportable and compliant, that a company will run its operations on and call you about at seven in the morning, is not. The demo is the easy five percent. What has changed is where the defensibility sits: not in features, which anyone can now reproduce in a week, but in workflow depth, proprietary data and distribution. AI didn’t kill SaaS. It killed the part of SaaS that was only a screen.