Owning Salesforce looks like a hope and a prayer because organizations can now design and build their own CRM. A self-built system can be fitted to a company's own users and uses, fully own its data and normalize it with the rest of its database. A post the author replies to recalls firms replacing CRM with Airtable; even that was still not custom enough. x.com 

Salesforce looks vulnerable long term because users hate it and will happily switch to alternatives, while in the AI era users actually liking a product will be a key moat for SaaS stocks. Adobe showed this when users who hated it switched more easily to Figma. Present-day fundamentals look great across these companies, so the threat is still theoretical. x.com 

Salesforce's poor M&A is literally half the reason its multiple stays low. Slack and Informatica are cited as examples, with Braze raised as a question; AI making Tableau obsolete in a few years would be a separate risk, not itself poor M&A. x.com 

Software stocks probably have a floor as results challenge fears that AI agents will displace them. Since the June 22 momentum unwind, IGV is up 25% and the SOX index down 22%. Atlassian and Salesforce jumped on solid results, plus an Anthropic deal for Salesforce, and possible Silver Lake interest lifted Workday. A new bullish twist says agents will use software tools 10-100x more than humans. Whether fundamentals back the rally is still open; a likely Fed hike and weak September are risks. … Show more

Salesforce might be dead as intelligence becomes an abundant commodity, though it can argue it has distribution. Claude, OpenAI and open-weight models such as Kimi, Qwen and DeepSeek are in a price fight to zero, so years of developer work no longer form a moat. The new moats are trust, distribution and data, especially data behind corporate firewalls, in hospitals or otherwise hard to get. x.com 

Salesforce's own AI model, Koa, is very important for Salesforce and a bull case for SaaS companies. Built with Nvidia and running inside Agentforce, Koa replaces reasoning Salesforce used to pay other AI labs for. Salesforce says it beats other models on CRM tasks such as qualifying leads, routing cases and booking follow-ups, with far fewer errors, after training on 27 years of CRM data patterns. Salesforce fully owns the model, and it stays inside its own systems. x.com 

Salesforce looks reduced to a backend provider for Claude's Slack bot, undercutting claims that it is an obvious AI winner and undervalued in a SaaS recovery, a risk flagged as early as January. x.com 

Salesforce faces real AI threats: more competition, margin headwinds from compute costs and disruption risk for businesses like Tableau and Service Cloud. Agentforce is showing some momentum, and the stock felt oversold earlier, but it is not attractive at current levels. x.com 

Salesforce owns the customer data AI needs to be valuable, so the death-of-software trade is aging badly. Hardware and software climb together, and this quarter showed the AI benefit cannot be captured on the chip side alone. Per @qualtrim, Salesforce now earns $10.96 a share at 18x earnings, versus $5.56 at 39x two years ago. x.com 

Salesforce is toast because custom Claude apps can now replace software products, the way a custom Claude app replaced a spin-the-wheel tool for picking family movies. x.com