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 is exposed to AI-native rivals aiming to own the sale itself rather than build a better CRM. Upstarts such as Attio, Monaco and Rox can capture the decision traces behind closed deals, a learning loop Claude cannot rebuild from Salesforce's fields. Its schema is more tax than foundation: relationship-driven work like recruiting and VC does not fit it, and young startups cannot be served profitably. Its 150k customers won't churn soon, but new AI-native firms may never install it. … Show more

Salesforce's Slack, once one of the worst-looking acquisitions, now looks juicy as AI agents move into it. Anthropic introduced Claude Tag, which brings Claude into Slack as a team member with access to chosen channels and tools so teams can delegate tasks to it. x.com 

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 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 

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 

FactSet risks having its app usage automated from outside and becoming unmonetizable as AI agents operate it directly. Its MCP integration was a huge advance and a growth driver, worth perhaps a 20% subscription uplift, but OpenAI's computer use worked well on a regular desktop session, if much slower, and simply noted the FactSet subscription to use when needed. SaaS bear points from earlier this year are materializing quickly. x.com  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 is set to make a lot of money from AI as the market realizes it may be an AI winner, not a victim. Agentforce ARR reached $1.5 billion, up 240% year over year, and Claude will become Agentforce's default model through an Anthropic partnership, with secure CRM data access and 37 prebuilt sales skills. Contracted revenue expected over the next 12 months reached $33.5 billion, up 14%, its fastest bookings growth in four years. 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