Exactly. SaaS does not enter into it.

People will locally run the open models which are freely released, just like they do today with Llama and Whisper.

Most of the AI SaaS companies won't be around to have anything to say about it, because they will be casualties of the bust that will follow the boom. There will be a few survivors with really excellent models, and some people will pay for those, while many others simply use the good-enough freely available ones.