Responding to the headline and not the article substance: no, the SaaS crash is a crash because valuations are speculative and have been very high. Security price motion is only very loosely coupled to fundamentals in the short term, and this moment in history is both highly volatile and unanimously held to be overpriced. Ergo, crash.

That doesn't speak to the fundamentals, with which I only sort of agree. There are SaaS products that just grease inter-human interactions that would be hard to manage otherwise, and these are dead in the water. There are others that manage data human beings will always need to be able to understand, even if the AI is doing the work[1], which are much safer.

[1] Like bug trackers. We all love to hate Jira, but even if you have an army of Claudes doing your coding and testing for you someone somewhere needs to know what still needs to be fixed before shipment.