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If you’ve turned on financial news lately, you’ve likely heard the eulogies for the software industry. The narrative is breathless and confident: Artificial Intelligence is coming for Software-as-a-Service (SaaS). We are told that “vibe coding”—the ability for non-technical users to simply prompt an AI to “build me an app”—will render multi-billion dollar enterprise platforms obsolete. The logic goes that if anyone can whip up a bespoke CRM, IT, or HR tool in an afternoon using ChatGPT or Claude, why would any company pay millions to Salesforce, ServiceNow, or Workday?
