The SaaS market is undergoing a brutal correction, but the real crisis isn't technology—it's the lack of discipline among 'tourist' investors who've forgotten that DPI is the only math that matters. While Western VCs obsess over paper marks, ByteDance is silently winning the AI war, fueled by China's massive structural advantages in power and execution. The next decade belongs to the investors who can identify the 95% gross retention winners while the other 50% of the venture industry is purged in the coming downturn.