The AI kill shot narrative is convenient. It lets SaaS founders and VCs point to an external bogeyman instead of the real cause: investors finally doing their jobs and pricing in that most software-as-a-service businesses have never been that defensible. IGV doesn’t lie. It’s down 22% from its highs. The worst single day since the Covid crash hit on January 29th. Turn on any analyst call and you’ll hear about ChatGPT cannibalizing recurring revenue. Ignore the noise. The numbers tell a simpler, uglier story — the model was never built to last when capital got expensive and switching costs were this low.