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> # Part 1: Software Moats Are Never About Code — They Are About Ecosystems and Standards The SaaS doomsday narrative comes in two classic variants, both circulating widely across X and financial communities, both sounding plausible on the surface, and both making the exact same fatal mistake. # Variant One: "AI-Native Custom Development Shops" Will Replace SaaS The story goes like this: a new breed of AI-native development companies will emerge, building bespoke HR systems, ERPs, and CRMs for …