We came across a bullish\u00a0thesis on Salesforce, Inc. on Darius Dark Investing\u2019s Substack. In this article, we will summarize the bulls\u2019 thesis on CRM. Salesforce, Inc.’s share was trading at $227.96 as of January 28th. CRM\u2019s trailing and forward P\/E were 30.51 and 17.51 respectively according to Yahoo Finance.<\/p>\n Salesforce, Inc. (CRM) has fallen sharply out of\u00a0favor\u00a0as investors embrace a narrative that artificial intelligence will structurally undermine the traditional SaaS model by reducing the need for human \u201cseats,\u201d compressing long-term revenue potential. This fear has driven a significant valuation reset, with Salesforce now trading at levels that imply it is a slow-growing utility rather than a durable technology compounder.<\/p>\n However, a closer examination of the company\u2019s operating performance, strategic direction, and AI monetization strategy suggests this pessimism is misplaced. Salesforce\u2019s Q3 FY2026 results\u00a0demonstrated\u00a0resilient fundamentals, with revenue growing 9% year-over-year, remaining performance obligations rising 12% to\u00a0nearly $60 billion, and profitability reaching new highs. Non-GAAP operating margins expanded to 35.5%, while free cash flow grew 22%, underscoring strong operating leverage and disciplined capital allocation.<\/p>\n The core of the bullish thesis lies in Salesforce\u2019s transition from a system of record to a system of action through its\u00a0Agentforce\u00a0platform. Rather than being threatened by AI-driven seat compression, Salesforce is repositioning itself to monetize AI through consumption, charging for autonomous agents executing workflows rather than simply licensing human users.<\/p>\n Adoption has been rapid, with\u00a0Agentforce\u00a0and Data Cloud generating\u00a0nearly $1.4 billion\u00a0in ARR, up 114% year-over-year, and\u00a0Agentforce\u00a0alone surpassing $500 million in ARR within 18 months of launch. This shift is reinforced by the acquisition of Informatica, which strengthens Salesforce\u2019s data unification and governance capabilities, creating a critical \u201cmetadata moat\u201d that enhances AI effectiveness and customer stickiness.<\/p>\n Despite these developments, Salesforce trades at\u00a0roughly 20x\u00a0free cash flow, well below historical levels and peers, while aggressively returning capital through buybacks and dividends. The market\u2019s failure to recognize the durability and scalability of Salesforce\u2019s AI-driven evolution presents a compelling bullish opportunity with attractive downside protection and meaningful long-term upside.<\/p>\n Previously, we covered a\u00a0bullish thesis<\/b> on Salesforce, Inc. (CRM) by Quality Equities in April 2025, which highlighted the company\u2019s resilience to macro volatility, subscription-based stability, improving margins, and undervalued free cash flow growth assumptions. CRM\u2019s stock price has depreciated by approximately 7.80% since our coverage. Darius Dark shares a similar thesis but emphasizes Agentforce adoption, AI monetization through consumption, and the strategic importance of Informatica.<\/p>\n<\/p><\/div>\n<\/div>\n<\/div>