Greg Moskowitz

"Agent force... really picked up. It was at 540 million in annualized recurring revenue last quarter. It's now at 800 million." Additionally, the company has authorized a "$50 billion" buyback, signaling they see "uncommon value." The market is selling the stock based on a fear narrative (AI kills seat-based SaaS), but the data shows the new AI product (Agent Force) is compounding rapidly (nearly 50% sequential growth). Combined with a massive buyback floor, the stock is undervalued relative to its future margin potential and expected revenue reacceleration in the second half of the fiscal year. Long CRM as a contrarian play on AI adoption; the "cost" of software production is dropping while the high-value AI agent revenue is ramping up. The "Marketing and Commerce" segments are decelerating and are not expected to pick up in 2026, acting as a drag on overall performance. The "negative narrative" regarding AI disruption may persist for several quarters before the reacceleration is visible in earnings.