My impression is a lot of these companies raised mega rounds right before interest rates went up, and are now able to tread water by cutting headcount enough that their revenue + interest can sustain them. To what end? Who knows...
I know a few who are really feeling the pressure from customers now being able to vibe code part or their product and also their cloud bill is about to explode because hardware prices are through the roof
SaaS was always destined for this, with or without AI. Excluding the small subset with network effects, the nominal nature of a remote execution aid in basic business process was always semi-farcical.