Blossom Street Ventures identified 15 AI themes in earnings calls from 67 publicly traded SaaS companies. It argues that AI is becoming a requirement in large deals and that competitive advantages lie in fresh data, workflows, integration and trust rather than model access alone. Agent adoption may also increase demand for existing observability and security software. This is an investor’s interpretation of management statements, not proof that AI caused every improvement or that all SaaS companies benefit equally.