The inference cost discussion is interesting but I think it misses the more consequential shift. The real change in unit economics isn't what it costs to run the model — it's that the marginal cost of building a new feature dropped by an order of magnitude.

Previously the bottleneck was engineering time. Now a competent person with a frontier model can prototype in hours what used to take a team weeks. That compresses the cost side but it also compresses the moat. If your product can be rebuilt by a motivated person in a weekend, your pricing power evaporates regardless of your inference costs.

The SaaS companies that survive this will be the ones whose value comes from network effects, proprietary data, or integration depth — not from code complexity that used to be expensive to replicate.