Anish Acharya argues that AI isn’t ending SaaS but transforming it: coding agents are lowering switching costs, empowering customers, and shifting value toward the application layer—not foundation models. Contrary to 'vibe coding' fantasies, enterprise software remains resilient, with 75% of public SaaS firms raising prices post-ChatGPT. While foundation models are fragmenting into a competitive multi-model ecosystem, durable revenue remains elusive for many AI-native apps due to rapid user migration between models. Defensibility now hinges on live proprietary data and domain-specific workflows—not just network effects. The episode contrasts 'boring wins' (incremental, enterprise-adoptable features) with 'weird wins' (emotionally resonant, human-first applications like AI companions for children or elders), highlighting startups’ unique edge in the latter. Market maturation is evident in rising power-user pricing, reduced subsidies, and tighter CAC-to-margin discipline. Founders succeed not through theoretical market size but authentic problem obsession, technical depth, and full-stack control—especially as agent-led companies evolve beyond automation toward ambition-amplification. Finally, while OpenAI’s breakthroughs are underappreciated in their long-term societal impact—particularly in medicine and personal well-being—the path forward favors pragmatism, operational rigor, and human-centered design over speculative hype.