Salesforce Stock Plunges on GPT-6 Astra Fears

Salesforce's stock fell approximately 4% on Tuesday due to GPT-6 Astra, which has reignited fears that general-purpose AI could potentially replace specialized software. The company's dedicated AI business remains small compared to its overall revenue. Despite this, Salesforce's backlog offers a cushion with $33.5 billion in remaining performance obligations and quarterly revenue of $11.3 billion.

The stock steadied on Wednesday, trading nearly flat at $248.84. Agentforce annual recurring revenue topped $1.5 billion after more than tripling year over year, but this emerging business only accounts for about 3.2% of Salesforce's full-year revenue-guidance midpoint of $46.25 billion.

While contracted obligations equal roughly 72% of annual guidance, giving Salesforce a sturdy near-term cushion, contracts cannot permanently shield seat growth, pricing or renewals if independent agents become capable substitutes. The chart shows that investors have already priced in a meaningful slice of the disruption risk, with Salesforce trading 26.97% below its $340.76 GF Value estimate.