The narrative of a SaaS Apocalypse is a fantasy; AI isn't here to replace your payroll software, it's here to eat the 90% of enterprise spend currently locked in human labor. Anish Acharya breaks down why the collapse of switching costs is turning software 'hostages' back into customers and why power users are now 10x more valuable than in the previous decade. If you think we're in an AI bubble, you're missing the fact that every ounce of new capacity is being instantly consumed by a market hungry for thinking-based products.