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CRMBULLISHFLIPPEDEXCESS RETURNS · BEARISH IN AUGUST → BULLISH IN SEPTEMBER

Salesforce's AI embrace as a model

The case was made that Salesforce's strategy of leaning into AI by partnering with Anthropic, rather than fighting it, may be the right play for legacy software companies.

EXCESS RETURNS CHANGED ITS VIEW

BEARISH FOR 3 WEEKS, THEN THE TURN
THEN11 AUG · BEARISHThe case was made that traditional enterprise application software faces disruption as AI shifts the user interface to agents and chat, relegating incumbents to 'dumb data pipes.'NOW3 SEP · BULLISHThe case was made that Salesforce's strategy of leaning into AI by partnering with Anthropic, rather than fighting it, may be the right play for legacy software companies.

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NOT INVESTMENT ADVICE · A SUMMARY OF WHAT WAS SAID ON THE PODCAST · VERIFY AGAINST THE SOURCE