SaaS, or software-as-a-service, is facing skepticism as stock prices decline, largely fueled by fears about AI disruption. Many investors mistakenly equate stock movement with a company's health. Adobe, for instance, has seen record revenue for nearly a decade, yet its stock has dropped 10% after a solid Q4 report. The author, a software engineer with a decade of experience, argues that the average investor lacks a deep understanding of software engineering principles, which leads to misconceptions about SaaS’s value. The article highlights that despite the promise of AI, replacing SaaS with in-house tools doesn't make economic sense. Using Slack as an example, the corporate version costs about $220,000 annually for a company of 1,000 people, reflecting a substantial return on investment considering the implied R&D efforts. In contrast, building a similar tool internally would cost more than $250,000 for just one engineer, not to mention the complexity and potential quality issues that arise from trying to replicate a well-developed product. The author emphasizes that focus is critical for businesses; those diverted to create internal tools risk losing their competitive edge. The piece also underscores that while AI can assist in coding, the real challenges of software engineering—security, scalability, and user experience—remain complex. Simply coding a product quickly doesn't ensure its success. Successful companies like Netflix and Spotify excel because they concentrate on their core competencies rather than attempting to recreate existing tools. Overall, the article presents a contrarian perspective on current market trends, arguing that the fundamentals of SaaS remain strong despite external pressures.