Salesforce's AI Business Booms as Stock Lags Behind

Salesforce's AI business is scaling rapidly, but its stock price has not kept pace. The company's Agentforce and Data 360 combined annual recurring revenue (ARR) reached nearly $3.9 billion in Q2 FY27, up over 210% year-over-year.

The bull case for Salesforce rests on the potential for monetization from its AI business. Management notes that 50% of Agentforce bookings come from customers refilling their credit pools, and only 5% of knowledge workers have upgraded to premium editions that carry a 60-80% premium.

Salesforce's FY30 revenue guidance of $63 billion anchors a durable double-digit trajectory. Our bull scenario points to $372.12, a 56.4% total return, if Agentforce ARR continues to compound above 100% and premium-edition attach expands.