Every week brings another headline declaring that AI will obliterate the software industry. Valuations are debated, portfolio managers grow nervous, and retail investors wonder whether their technology ETFs are quietly becoming obsolete. Most of these conversations, however, stop at vague generalisations. “AI will disrupt SaaS” is easy to say. What is harder — and far more useful — is asking the precise question: which companies, exactly, are at risk, and through which specific mechanism?
