> But how would that also reduce the nonphysical SAAS stuff?

The resulting economic crash will affect everyone, we're (IMHO) looking towards a dotcom-bust level wipeout. And many SaaS and other companies run asset-lean (i.e. they have no server hardware because that's all cloud, no real estate because it's all either wework or conventionally rented), margin-lean (the VC business model requires that, as the basic recipe is to achieve market domination by burning cash) and cash-lean (often enough, it's less than a quarter of expenses on the bank accounts).

All that "lean-ness" looks great on an investor's quarterly release sheet: no massive amounts of wealth tied up in assets and no cash sitting around on bank accounts that could be released towards investors as dividends or, if it comes from third parties, costs the company interest... but it prevents resiliency against crises.