For over a year, Salesforce CEO Marc Benioff has deflected pervasive concerns that artificial intelligence could render his company obsolete. He has consistently dismissed these anxieties, framing them as mere echoes of past industry disruptions. “This is not our first SaaSpocalypse,” Benioff remarked during an earnings call earlier this year, underscoring his long-standing confidence in Salesforce’s resilience through various technological shifts.
These sentiments followed a significant slump in the company’s stock, which saw a 21% decline last year, a trend that persisted for much of 2026. This underperformance mirrored the broader software sector, as emerging AI powerhouses like Anthropic and OpenAI released a rapid succession of sophisticated AI models and services, fueling apprehension about the future of traditional software-as-a-service (SaaS) providers.
However, recent developments suggest a potential recalibration of Wall Street’s sentiment. A significant rally in Salesforce shares this past Thursday, soaring by nearly 23%—its strongest performance since 2020 and second-best day since its 2004 IPO—has significantly pared back the stock’s year-to-date losses. Investors appear to be responding positively to a robust quarterly earnings report, which included a “beat-and-raise” forecast, and a groundbreaking partnership with AI leader Anthropic, aptly named “Claudeforce.”
This renewed optimism was further bolstered by reports of high-profile AI talent returning to Salesforce from OpenAI. Last week, Benioff shared on social media the return of Kaylin Voss, formerly OpenAI’s Vice President of the Americas, and Peter Doolan, who held the title of Global Head of AI Transformation at OpenAI. Both individuals had spent approximately five months at the rival firm before rejoining Salesforce. According to a report from The Information, an additional 22 former Salesforce employees at OpenAI are reportedly in discussions to return, signaling a strategic talent reclamation effort.
“Boomerang talent is a celebrated part of our culture,” a Salesforce spokesperson stated in an emailed response, declining to comment specifically on individuals returning from OpenAI. An OpenAI spokesperson did not immediately respond to a request for comment.
Salesforce’s latest earnings report revealed an 11% year-over-year increase in quarterly revenue, surpassing analyst expectations. The company’s forecast for the current quarter projects growth closer to 12%, also exceeding projections. While this is not explosive growth, it aligns with Salesforce’s performance over the past four years and has been sufficient to allay some investor fears. Notably, annualized revenue from Salesforce’s proprietary AI products, Agentforce, has surged by an impressive 240% year-over-year, exceeding $1.5 billion.
“This SaaSpocalypse narrative has been such nonsense,” Benioff asserted to CNBC following the earnings release. “Frontier models depend on CRM. They don’t replace it.”
**The Undeniable Synergies: AI and CRM**
Salesforce’s financial performance is demonstrating a tangible benefit from its strategic engagement with AI. The company recorded a substantial $2.6 billion gain from its three-year investment in Anthropic, a figure poised to grow further as Anthropic progresses toward a highly anticipated initial public offering.
Benioff’s core argument to investors centers on the sheer scale and entrenched nature of Salesforce’s software ecosystem. With over 150,000 corporate customers, he contends that the prospect of clients abandoning this robust platform to build their own customer relationship management (CRM) and other critical business solutions from scratch using AI is simply not feasible.
During the recent earnings call, Benioff invited David Friedberg, CEO of biotech startup Ohalo and co-host of the popular “All-In” podcast, to illustrate this point. Friedberg humorously recounted his attempt to “vibe-code” a CRM tool over a weekend, only to quickly realize the immense effort required for essential maintenance, account management, and security protocols. “We’re already on Slack. We’re not going to go vibe-code Slack. We’re not going to vibe-code CRM,” Friedberg stated, emphasizing the practical limitations of DIY solutions for complex enterprise needs.
Slack, acquired by Salesforce for nearly $28 billion, already boasts seamless integration with Anthropic’s Claude. The “Claudeforce” initiative, part of the new partnership, promises even tighter integration. This plug-in will equip Claude with 37 pre-built sales skills, enabling it to automate tasks such as composing emails and updating customer records directly within the Salesforce environment.
“I think that this is the way all enterprise systems are going to run in the future,” Anthropic CEO Dario Amodei told CNBC in a joint interview with Benioff, highlighting the transformative potential of this integrated approach.
This strategic alliance marks a significant milestone for Salesforce, as it is the first time the company has appended its signature “force” suffix to another company’s product name, underscoring the depth of this collaboration.
Analysts are beginning to recognize the evolving landscape. Arjun Bhatia, an analyst at William Blair who maintains a “buy” rating on Salesforce, observes that investors who had previously divested from cloud software due to AI concerns are now re-evaluating their positions. “I think there was a lot of sort of AI mania,” Bhatia commented, referring to a period where sentiment suggested only a few AI giants would dominate the future.
Bhatia finds encouragement in Amodei’s perspective: “Anthropic basically is saying, ‘Look, we still need Salesforce.'” This sentiment suggests that even leading AI companies acknowledge the indispensable role of established enterprise platforms. Bhatia anticipates that investors will now focus on Salesforce’s potential for revenue growth, possibly exceeding the current low double digits, alongside opportunities for margin expansion. “Could they hit 15%? I think it’s very possible,” he added.
While analyst consensus for this fiscal year hovers around 11% growth, projected to dip to 10% in the following two years, according to LSEG, some remain confident in Salesforce’s long-term trajectory. Michael Monaghan, partner and portfolio manager at Founder ETFs, expressed unwavering faith in Benioff’s leadership, stating, “I have every confidence that as long as he wants to keep coming in every day, he’s going to do well.”
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