One notable feature of the AI bubble is how disconnected the markets are from day-to-day corporate reality. Random tech stocks keep on being hit because of the latest AI advancements. Even vendors used internally by the leading AI labs are getting hammered.

AI is just a different way of using apps. It won't replace SaaS, it provides another user interface for it. AI needs detailed business context to work correctly. That context is collected and organised in the major SaaS platforms.