Are SaaS Moats Real Or AI Mirage? The Great Enterprise Software Debate

A fundamental tension is reshaping enterprise software investment, with veteran investors and AI evangelists offering starkly different visions for where lasting value will concentrate. While AI startups dominate headlines with flashy applications, veteran investors like Alex Plesakov at SDV argue that lasting value will concentrate in the data layer, where established SaaS companies maintain structural advantages. Meanwhile, AI-first proponents contend that traditional moats are dissolving faster than incumbents can adapt.