CRM
Salesforce, Inc.
stock NYSE

I keep seeing doom-and-gloom takes on AI and jobs, especially for software and tech companies like NOW, ADBE, CRM getting downgraded.
Remember ATMs? Everyone predicted bank tellers would disappear. Instead, banks hired more tellers, opened more branches, and shifted tellers toward customer service. Technology didn’t destroy jobs—it reshaped them. It took the technology of the fintech of the internet and mobile devices to actually change banking and the decline of tellers.
Fast forward to AI in radiology. While AI can automate reading scans, it turns out hospitals actually need more radiologists, not fewer. AI lets radiologists focus on complex diagnostics, research, and patient care—making their work more valuable, not obsolete.
History suggests we shouldn’t automatically assume AI will disrupt markets the way we might expect. Maybe some of these downgrades are a little short-sighted and some of these companies might actually be well positioned to utilize AI in a way the actually strengthens and enhances their market position.

Software stocks down big this year:
$FTNT Fortinet: -17%
$WDAY Workday: -21%
$CRM Salesforce: -28%
$ADBE Adobe: -26%
$CSU Constellation Software: -29%
$DOCU Docusign: -34%
$NOW ServiceNow: -37%

You can one shot a functional CRM with the best public LLMs right now. Imagine what that looks like in 5 years with the best internal models.
And it’s not your internal team, it’s Google, OAI or Anthropic making it and charging 1/10th of the price.

All SaaS is not created equal of course, and I probably wouldn’t put my money in a stock that isn’t a system of record. Project management software, to your point, has a much shallower moat than a CRM/NOW/WDAY. But for the sake of the argument, per seat pricing models would not be sustainable if HC declines by 80% (which isn’t likely to happen). As I mentioned earlier, consumption based pricing models have been around for years, and the industry is shifting more products under that model today. For example Salesforce with Agentforce credits.
In regard to your project management example, that pricing would likely also shift to a consumption model or something similar - where instead of employees that are creating value, it’s AI agents that are taking action and the Mondays/Asanas are charging per token per action or prompt.
Your argument around vibe coding leading to a risk of displacement I think is flawed. While there may be some risk for niche SMB products, for enterprise software it’s a whole lot more than just code. It’s the expertise, trust, ecosystem integrations, cybersecurity, SLAs and a whole lot more. Those are all areas that require a significant amount of investment, and choosing to take all of that on in house would introduce a huge amount of risk.

Also these: ADSK ADBE FTNT CRM INTU DDOG

The elephant in the room with all of this agent stuff is that everyone’s data is shit. It’s the biggest issues in CRM. Most CRM’s are full of hot garbage data

Im long & accumulating ADBE & MSFT.
Looking at opening a position in CRM.
If you believe the “AI will kill software” is all hype, it may be better to just start accumulating IGV which I have been doing in my Roth (> 500% x 10 yrs)

If a serviceNow agent fills out tickets on the service now platform, that’s a selling point. The big, well financed companies are bringing in the AI to enable users. It wouldn’t be as fluid to integrate an external AI tool to fill tickets out.
I imagine the companies that have agents do the dirty work, which NOW and CRM are already working on. Will take even more market share than they already have and/or they will be able to charge a premium.
AI is not creating direct competitors to service now or Salesforce. Companies are also not directing their staff to spin up competitors to vendors for cost savings. Someone still has to manage the app and the infrastructure. those costs are almost always nearly equivalent to the SaaS price.
AI in the near future will be nothing more than an enabler. 10-20 years from now who knows.

No. There are really 3 categories: 1. Growth concerns due to size 2. ML leaving, and 3. AI.
Growth concerns and the ability to deploy enough capital to move the needle while also staying true to their hurdle rates isn't a new concern, certainly nothing that's popped up this year, this was more so in 2018 IIRC.
ML. Yeah, for a little while there, there were probably one or two hundred bucks shaved off due to him leaving, but...
AI fears + quality companies being crushed across the board. You can tell that there is a very clear inverse correlation on even individual days when Semis have a good name, software names, not just CSU, but also other companies like ADBE have a horrible day. For example, CSU trended very steadily the last month or two, between 3100-something and 3300-something, but then suddenly the last 4 days when a ton of software names, not just CSU, but also ADBE, CRM, hell, even Shopify took a beating. Coincidence? Not really, 10-20% drawdowns in a ton of them. And then there's the crushing of quality premiums. CSU, ferrari, copart, lots of names got whacked real hard in 2025, with 0 reasons in terms of fundamentals. In some cases, for no reason at all, but in many cases there was a *mild* headwind, and then the market looked at the multiple, realized how the company traded at a very high multiple now compared to say 4 years ago, and... bam. And when I say company, I mean all of these "Quality" names. Many more than the 3 I listed.
This last point of AI fears + losing quality premium probably accounts for about 70-80% of the multiple compression in 2025, IMO. I'm not god, I don't know everything, but seeing as it is a fairly big holding of mine, I've kept a close eye on every piece of news, there has been very little that is relevant fundamentally...

I've looked at NOW and CRM and they have been dropping like a rock since December. Never catch a falling knife as they say? IDK, I'm sitting on the sidelines for this.

No one looking at TEAM or WIX or ADBE or CRM at these levels?

Probably.  Take Salesforce.  They have a huge customer base with their CRM and other systems.  Anthropics can't take over those systems with a finger snap.  It is more likely Sales force embedds ai in their systems to get more immediate productivity gains.  
Any way one shakes it there will need to have data in organized fashion for a human or ai to do something with it.  

Yes, also CRM and Duol.
Everyone has their opinions.

Riding $CRM 1/16 235C into tomorrow

Has anyone here quit trading and just went full Boglehead?
It's super ghey, but after investing in NFLX, MSFT, CRM and PATH, I feel like I need to be cleansed.

Wouldn't really know it judging by the indices, but some fairly brutal drawdowns in tech, and it's not just US either. And these are big companies.
* ORCL: -41%
* NFLX: -33%
* SPOT: -34%
* SE: -36%
* ADBE: -52%
* NOW: -41%
* CRM: -35%

The difference between Adobe and say Salesforce and ServiceNow, is that CRM and SNOW is disliked by both the person paying (very entrenched and very expensive) and users - but in Adobe’s case it’s a product for creatives that definitely don’t prefer AI and definitely don’t like AI taking their “seat” in the sub plan.
Only the people paying for Adobe hate their monopolistic pricing, the users don’t want to prompt and their whole life depends on prompting not being better getting your hands dirty.
Adobe is not the first company to get replaced by AI, good money to be made here.

Thoughts on CRM down here?

Holding a lot of CRM, but thankfully just shares.
Am I cooked fam?

That is a 6.95% annualized return on the CRM trade - are you sure that capital at risk is worth barely more than PULS?