TMTB: CRM +9% post-call takeaways

We knew Benioff was going to be bullish, but I thought call went even better than expected. Benioff talked up Agentforce saying 200 agentforce deals signed in last week of quarter after go-live and have thousands in the pipeline. It’s an easy turn on for the 135k customers they currently have. They are hiring 1,400 sales reps to focus on AI in Q4 and said deployment of AI sales tools also frees up hundreds of millions of expense to invest, which makes you feel better about margins. And they are launching Agentforce 2.0 with an event on 12/17.

All-in-all, print solidified the bull case and alleviated fears of margin downtick or lower cRPO guide (yes Q4 guide was helped by ~50bps by M&A contribution but small nit). And now cRPO comps begin to get easier.

The bull case here is simple: