"Software isn't dead, it just got a lot harder to win."

In a SaaStr deep dive, 30-year investor Rory O'Driscoll splits the question three ways: ~10% of pre-GPT companies were dead on arrival, a third are insulated, a third are additive. His sharpest warning is for "plain-vanilla SaaS" that only automates a workflow, those must move or get rolled. He frames it against ~$688B in 2026 hyperscaler capex, with foundation models owning the bottom layer and app companies still winning on top. That's the most honest framing of the "is SaaS dead" debate I've read.