Why is it said that every point in hyperbolic space is a saddle point?

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I have read that since hyperbolic space has a constant negative curvature (a concept that I think I understand), every point is a saddle point. I am trying to understand what that means. Can we say anything similar about every point in elliptic space, since there we have constant positive curvature? What about points in Euclidean space?

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Note that "curvature" in your sense refers to Gaussian curvature, an intrinsic measure of angular defect in geodesic triangles, while "saddle point" is an extrinsic concept, related to a particular embedding in $\mathbf{R}^3$.

These conditions are equivalent in the sense that the Gaussian curvature at a point $p$ of a smooth surface $S$ in $\mathbf{R}^3$ is equal to the product of the principle curvatures of $S$ at $p$, and this product is negative if and only if the principle curvatures at $p$ have opposite sign, if and only if $S$ is saddle-shaped at $p$ in the sense Will Jagy mentions.

Similarly, the Gaussian curvature of $S$ at $p$ is positive if and only if the principle curvatures of $S$ at $p$ have the same sign, if and only if $S$ is "bowl-shaped" at $p$.

If the Gaussian curvature of $S$ at $p$ is zero, then at least one principle curvature vanishes at $p$, and qualitatively you can't say much. For example, the graph of $f(x, y) = x^4 + ky^2$ has Gaussian curvature $0$ at the origin independently of $k$ (because the graph is quadratically flat along the $x$-axis), but the surface is (loosely) either bowl- or saddle-shaped, depending on the sign of $k$.

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Being a saddle points means that the product of the principal curvatures is negative and vice versa.