AI isn't eating software as a category — it's eating a specific layer. Three tiers: shallow UX-as-moat SaaS is toast, middle horizontal enterprise SaaS is squeezed, the deep layer of vertical regulated systems of record (Epic, SAP, Amadeus, bank cores, industrial control) doesn't move. AI dissolves UIs, not systems of record.
The SaaSpocalypse won't touch the enterprise software moat
AI is eating software, but only the shallow UX-wrapper layer. Deep, regulated systems of record like Epic and SAP aren’t going anywhere.
