Jackson Peak Capital on Salesforce
Thesis
We are short Salesforce due to the accelerating competitive pressure from AI advancements, exemplified by Anthropic's recent product releases. We believe there is a widening gap between Salesforce's fundamentals and the consensus narrative, making it vulnerable.
“We initiated the short on the back of Anthropic's developments and product releases during the quarter, which we view as accelerating the competitive pressure on the incumbent enterprise software stack. CRM is one of the names where the gap between fundamentals and consensus narrative is widening.”