SaaS companies face dual pressure from AI, as their previous moat from cloud delivery, subscription billing, and database lock-in is challenged. Salesforce, ServiceNow, and Adobe embed organizations through customer data, permission systems, workflow configurations, and third-party integrations, which remains difficult to replace overnight. Klaviyo’s acquisition of AI customer success company Agency, appointing its founder as Chief Product Officer to advance AI agents, shows mature platforms integrating AI into existing data and customer relationships. Model labs compete for user interfaces and task orchestration layers; if users invoke knowledge bases, CRM, spreadsheets, emails, and design tools within a general agent, SaaS relying on independent application interfaces may become replaceable data sources. Microsoft CEO Satya Nadella suggested AI agents may move business logic out of vertical, database-oriented software. AI-native companies attack from below by taking over high-frequency, quantifiable work outcomes, charging based on results instead of headcount. Forrester assesses that horizontal point SaaS with low switching costs, not deeply embedded in enterprise processes, and unable to prove immediate ROI are most vulnerable; healthcare and manufacturing software has a higher survival rate due to proprietary data, regulation, and business complexity. Value previously belonged to those who owned the application interface; now it redistributes to those who control data, schedule agents, and bear responsibility for outcomes. SaaS will not disappear, but pure functionality profits will compress; companies integrating data governance, industry rules, and agent execution authority may become a new control