Chargebee named the real threat, and it isn't AI displacement. It's "business model debt."

Traditional SaaS runs 75-85% gross margins on near-zero marginal cost. AI products average 52% because inference and orchestration scale with usage (Chargebee). That's why even AI-winning companies get punished, investors price the margin compression regardless of revenue. This is the financial mirror of the tokenmaxxing story. The bill that's hitting Uber's budget is the same bill compressing SaaS margins.