CRM
Salesforce, Inc.
stock NYSE

Exactly, they are literally selling off SPGI in the same way they have been dropping CRM. It's just a coordinated rotation driven by assumptions analysts can't fully understand. Just like they did not understand Google 1 year ago.

CRM, RDDT, HOOD, NOW, AMZN, MSFT. Tickers I’ve been adding towards

**Why Everything Is Selling Off?!**
This is a question I see everywhere. People come up with some truly... unique reasons why. The most confounding feature of the current market environment is the simultaneous selloff in both AI infrastructure/hyperscaler stocks and the software/financial stocks that AI threatens to disrupt. The iShares Software ETF ($IGV) is down 24.6% YTD while NVDA has dropped 9-13% from recent highs. Salesforce ($CRM) has lost 40% over the past year. Even Nebius ($NBIS) reported earnings and saw immediate selling pressure. The market is pricing in two mutually exclusive narratives at the same time and I believe both are wrong.

**Software Armageddon Narrative**
Largely triggered by Anthropic's Claude Cowork release, a wave of selling hit software stocks across the board. The thesis: AI agents can now automate legal work, document analysis, coding, and enterprise workflows. This will eliminate the need for thousands of $10k+ SaaS licenses. Salesforce has become a bit of a posterchild for this, but names like ServiceNow ($NOW) are right beside it. Personally, I think the disruption risk to software margins is real, but the magnitude of the selloff far exceeds any reasonable downside scenario. Enterprise software transitions take years, not weeks, and the companies being sold are the same ones deploying AI the most aggressively.
**AI Stocks are Also Selling Off?!**
Here is the paradox. if AI is powerful enough to disrupt every industry, why are the companies building AI infra also declining? Three factors explain this:
1. The DeepSeek effect: essentially, frontier-capable models can be trained for a fraction of the prior costs. If cheaper models emerge, the foundation of the $602bn CapEx thesis [https://www.cnbc.com/2026/02/12/top-hyperscalers-to-boost-ai-capex-to-600-billion-stocks-that-benefit.html](https://www.cnbc.com/2026/02/12/top-hyperscalers-to-boost-ai-capex-to-600-billion-stocks-that-benefit.html) weakens.
2. 2026 has really become a "show me" year so far. It seems that investors now demand proof that the CapEx is generating returns.
3. Simple multiple compression: Semis are transitioning from "AI growth story" pricing to "prove fundamentals" pricing, a natural de-rating that occurs in every technology cycle.
**My Take:**
The market is making a classic category error in that its treating a rotation as a destruction event. The "AI Paradox" where we simultaneously price in software disruption AND infrastructure overbuilding is internally contradictory. If AI is powerful enough to destroy software businesses, then the demand for AI compute is by definition enormous and validates the CapEx spending. If the CapEx thesis is wrong, then AI is not powerful enough to threaten software incumbents. Both CANNOT BE TRUE simultaneously.
AI infrastructure demand is structural (validated across several recent earnings) but the market is repricing the TIMELINE. The market is demanding near-term proof of returns rather than paying for long-term potential. This is healthy. This is not destructive. The opportunity lies in owning the names where demand is most visable and valuations are most compressed.

I noticed enormous volume of deep in the money puts traded for CRM (closing price of $185 today) expiring 2/20. There are 6 lots of puts over 10,000 with strike price between $220 and $260 with premium ranging between $50 million and $100 million. Can anyone help me understand the strategy behind this?

What do you consider "value." I started at the pits of the GFC coincidentally. I was in utilities and consumer staples and industrials for most of the past but they're insanely priced. Like, Wall St. HATES CLX and CL and they've been crashing forever but the narrative will shift back because the hate was based on actual information, not vibes (like this AI crash narrative)
I consider MSFT to be "value" now. It always snaps up/down to a PE of 30. Also got CRM and ADP. Never thought I'd buy CRM and ADP outside of a recession. Crazy times

Solid picks overall, I really like the GOOG and CRM positions. One thing I’d say tho - you have a LOT of positions for what I assume isn’t a massive portfolio? At some point your basically just building your own ETF with extra steps lol. I’d maybe consolidate a bit and go heavier on your highest conviction plays. Also nice to see someone mention ENPH, the sentment around solar has been super negative lately which usually means its a good time to look.

Long $MSFT $CRM $IVG (ETF)

I'm at the stage where I'm living off the gains so I care deeply about concentration risk, even in my highest conviction plays. This spreading-out also lets me capture the bottleneck as it moves around the industry. For example, if I concentrated into NVDA and TSM as the core, I would've missed the MU run-up. Some of it should also be seen as flexibility to capturing value when it presents itself, like NOW, CRM, and VEEV atm.

Take this with a grain of anecdotal salt. I am not trying to convince you one way or another, But this might be something to think about though
I started a company about 11 years ago. We sell food products, both business to business and through ecommerce.
When we started, we were small and cheap so we used salesforce CRM. We also used off-the-shelf ERP software. Both the CRM (salesforce) and ERP (some Oracle BS) off-the-shelf products are trash. Everyone agrees with me... in so much as everyone prefers custom built systems that can just magically do anything you want them to do. The issue with this request is that the only way to do that is to develop them in-house, which is super expensive and slow.
However, as we grew (around 20 employees in 2019) we decided that we now had the scale to do this inhouse. So we hired two devs at \~$250k each to make a new CRM (get off salesforce), new ERP (get off oracle), and a new ecommerce site (get off shopify). This cost our company over $600k annually just in dev costs (taxes, health insurance, retirement make them more than just $250k each).
The decision is honestly one of the best decisions we ever made. Everything we have is now custom built exactly the way we want it and we can now just change anything at anytime. The customization ability of having your own in house dev team is unbelievable. Its a level of speed (once its built) and customization that an off-the-shelf product made for 100k small businesses will never be able to match.
Its been 7 years since we made this change, so its cost us over $4.2M in devs and I STILL think its one of the best decisions we ever made.
Now consider what has happened since 2019. Its now way easier and cheaper to hire devs and make your own CRM. Decent devs are no longer hard to find, big tech has fired a ton of them. And each dev is way more productive. The cost for development has fallen significantly.
If we were willing to spend $600k for it then, you can bet your ass we are even more willing to now that the cost has gone down significantly. And we would be willing to do it at 10 employees instead of 20 like we did in 2019.
Compound this issue over the entire market. I think one thing AI development will do, is make small business development needs cheaper and more realistic for every small business.
Its hard for me to be bullish on Salesforce when I was willing to pay 60x more than their product costs to develop their product in my own company. Especially when that 60x is now only about 30x the cost and is decreasing rapidly everyday. I think every small business will come to the same conclusion by the end of the decade. This is a pretty major headwind for salesforce.

The algo’s are obliterating the price actions of their former darlings(CRM, NOW, INTU, WDAY, HUBS and so on) just on their sudden realization that AI is threat. Any one in enterprise software know these tools entrenchment so not going there any further(Main frame is a living example In enterprises for this)
What makes this one of the most valuable play’s is:
Rock hard balance sheets, for -eg hubspot have 1.8 billion in pure cash out of 11B market cap (4 % owned by insiders, 92% institutions)
Because of their sky high valuations they were able to
aggregate significant capital and used that in past years to raise solid infrastructure, connections, moat. So we will getting good product at discounted prices
Big tech commoditized the LLM’s and have made it accessible for the enterprise software industry. For eg: OpenAI is exhausting its financial power and now they will end up collaborating with enterprises for quick injection of funds(Eg: Open AI collab with Intuit for 100M =Peanuts for incumbents)
These players have gateways to monetize these crazy models right away that a new player establishing connections and paring up
The timing is also a point to be observed, Anthropic was raising capital and hence launched plugins( nothing new, just a wrappers for what GPT’s were doing from quite a while) during that time to aw the market.
The premise is that AI will make newbies to build/inbuilt assumes that these incumbents can’t catch up(they are launching & Monetizing AI models usage better than big tech right now)
Posting this not to sell some one this play but to reinforce the dear value comrades thesis and faith
Would luv to hear what people think both disagreements and agreements on equal footing.

As someone who uses AI everyday to write software I can tell you one thing - the big players like NOW and so many others to name here won’t be going anywhere. Those companies will be benefitting from AI as much as the “solo ninja engineer” who’s trying to build CRM in one day from his bedroom, in fact they will benefit way more.
I’m buying the fcking dip big time on these names. This is way overblown.

CRM

Here's an interesting one - https://www.cnbc.com/2026/02/06/anthropic-goldman-sachs-ai-model-accounting.html
I think these use cases will be complimentary to foundational software like CRM rather than competitive. 
I don't see these large companies building enterprise grade software. It's not their business and they don't want the complexity of managing them

I just re-wrote my allocation targets, happy to share and I'm super open to suggestions or criticism. I'm gradually reallocating to minimize short term gains and extensive marginal tax costs so my current allocation is more heavily weighted NVDA, GOOGL, and MU.
**60% - Technology**
* Semis - 25%
* NVDA - 12%
* MU - 6%
* TSM - 4%
* LRCX - 2%
* BESI - 1%
* Cloud - 25%
* GOOGL - 12%
* AMZN - 5%
* BABA - 4%
* CRWV - 2%
* ORCL - 1%
* IREN - 1%
* Software - 9%
* NFLX - 2%
* META - 2%
* UBER - 2%
* CRM - 1%
* NOW - 1%
* SHOP - 1%
* Robotics - 1%
* SYM - 1%

Yeah I agree also on grabbing the basket with Google and possibly Amazon. I think Amazon is just now getting to the level they need cause CAPEX wise they have to focus on tangible robotics to displace all their human workers. Google and Alphabet already have Waymo and are working on quantum so I think it’s a great buy also as it drops.
The point of people killing CRM and NOW is crazy to me- John in Marketing at some large company isn’t going to go vibe code with Claude to build something that his IT security team hasn’t flushed out. Secondarily those large company IT security teams are so small they can’t handle all their human workers John’s wanting to vibe code with Claude et al. Thus they need the CRMS or NOWs of the world to support…which will continue for years to come.
The only opening for Claude et al to be vibe coded and integrated is in middle market PE firms and small companies…who don’t have all the regulatory risk centered around market reporting.
I’ve been dollar cost averaging MSFT, Google, Amazon, & NOW…cause it’s silly as they all provide real world synergies and create tangible value.
What does META do- 10.1% of its global revenue is related to scamming you….yeah hard pass as that company contributes to the scam economy and propaganda economy…not real

CRM is killing me

They're showing upmarket growth so the trajectory is good.
Have a broad SMB base running at low margins acts as a moat in my eyes because it leaves little room for a new entrant to compete.

I put them in the custodian camp as they have a data platform that is more comprehensive than most people realize, as does Salesforce.
Adobe / Figma / Canva are a bit different, but Adobe and Canva do have some strategic protection in a big asset portfolio.
I'm not touching the graphics products...for one, I have operational experience with enterprise systems and I can't say that about media, but I also see them as more replaceable than products that house data.
A lot of what you're saying with the comp was true about TMUS as well so I'd expect to see that reduce over time.
I'm also bullish on NOW and put them in the custodian camp.
TWLO, I do have some but I don't love the coherence of the product lineup.
They have some parts that compete with AWS then they have parts that compete with HUBS/CRM/MNDY.
Voice and email services will remain a good business...actually I bought in cause I thought that they'd benefit from AI replacing service centers but that isn't going nearly as well as we all thought it would a couple years back...says a lot about the reliability of AI by the way.
The segment purchase was good but as a standalone product it's probably better to dump that data into your HUBS/CRM/NOW.
I tried out their conversations api a few years back but it was a heavy lift because we already had services at AWS who had SNS.
I guess what I'm saying is, offering partial cloud services and partial data services makes it hard to invest in twilio from my point of view as a consumer of these types of services.

$SAP $CRM
Beides Dreckssoftware aber auch nicht so leicht zu ersetzen wie manche vielleicht denken

[SAP](https://www.onvista.de/aktien/SAP-SE-Aktie-US8030542042) - SAP (ADR) 📃@201.16$(-0,74% 🥱)
[CRM](https://www.onvista.de/aktien/SALESFORCE-INC-Aktie-US79466L3024) - Salesforce 📃@181.38$(-1,96% 😡)

Again not really. Most companies actual do their important reporting from spreadsheets. Anyone who says otherwise is either selling CRM (and lying) or just lying.