May. 6 at 2:03 PM
$CRM
now sits in the crosscurrents of a broader SaaS reset, where rising rates, tighter IT budgets, and capital rotation toward AI infrastructure have compressed multiples and reframed expectations.
At the same time, the core disruption question sharpens as AI agents threaten seat-based pricing, growth naturally slows at scale, and competition from Microsoft, ServiceNow, and a wave of AI-native entrants intensifies the pressure.
Even the leadership narrative carries weight in the debate, as capital allocation history and integration risk compound a selloff that reflects real concerns rather than mispricing, leaving valuation anchored in whether long-term economics can outlast near-term uncertainty.
