The real SaaS apocalypse is pretty simple: every piece of software becomes reproducible. The cost of building it goes toward zero, competition becomes brutal, and eventually the price follows. Good luck charging for something anyone can recreate. Computer use is the breakthrough here imo. Here’s how it works: One agent navigates the existing software, clicks through every feature and documents everything in a markdown file. A swarm of agents builds it. Another agent acts as the verifier, opens the new software, clicks everywhere, checks that everything works, sends bugs back. Repeat. I think this scenario is very possible and very much in the work. But people are missing the other side which is the bull case for big tech cos. If you’re Adobe, you already have a massive test suite documenting how the software is supposed to behave, including all the backend stuff you can’t discover by clicking around. You have insane usage telemetry, decades of customer feedback, and you know which obscure features people actually depend on. You can build the same software factory. Except you start with a huge advantage. Use the agents to clean up decades of legacy code. Make the software load faster, feel faster, break less. Give it clean APIs that agents can use. Then use your distribution to ship that better product to millions of existing customers. Even if you burn $1M in tokens doing this, that’s roughly the annual cost of a handful of engineers in the Bay Area. And getting the mass market to switch takes time. Especially in the enterprise. A free open-source alternative still has to earn trust, build credibility and convince people to move their workflows. “We cloned Photoshop” doesn’t automatically do that. So there’s also a pretty strong bull case: the incumbents build the software factory first, use their tests, customer knowledge and distribution to move faster, and end up with better software, higher margins, more revenue and happier customers. If they don’t move fast enough, well, we’re back to the bear case.