Salesforce面临利润率压缩和新客户获取放缓，但其低估值系数和代币成本可能下降支持中性至看涨前景，目标价458。

Well, for example, firstly, Anthropic might collapse after its IPO funding dries up with the dominance of open-source models and Anthropic's financial hemorrhage, or, sorry, secondly, it might become the software that dominates other software. Think of "Snow" or "Sales Force" for example; It accommodates " Snowflake" or "Salesforce" data without a user interface. But that means people are using "cloud", right , and not "CRM". So does this mean that CRM's days are numbered ? Each side faces existential risks. This is really annoying. It is clear that the software sector has gone through a period of intensive selling. I still believe that it is still in a relatively heavy selling phase . Good. In other words, there are still opportunities, whether it's Bath or CRM now. I'm less interested in them at the moment, but I'm only listing them because many people are asking about them.

Like Salesforce, which went from nothing ridiculous, look, Salesforce is still at a coefficient of 0.91, 0.91 as an example. Bath at 0.92, ServiceNow at 153.92. Aya 1.53, I have an intention at. 0.9 , Axon 2.1. 2.19. What did you say about Intuit? I had already forgotten. I don't want to write it incorrectly and then get reprimanded. 0.9. You know, Snow is the anomaly here, isn't he ? So, Snow is the anomaly in this insane assessment. But it's strange because these companies are making really good money , and they're being punished either because of fear, lack of margins, or because people think the bubble is over. The only thing I can guess is. You know, when we look at this graph we have here. There is a fear that this shift in programming may not last. So, you know, I think if I look at this, I still like my opinion, and my conclusion is that I still like software right now. But at some point, devices will become ridiculously cheap , to the point that they will once again become the new opportunity. Hmm, not yet. Perhaps we need an " anthropic retreat". Good. I mean , Dell is doing well, but you also have the risk of splitting, right? Also, with regard to devices, this is where the risks of division come from. We've talked before about the risk of splitting here, where AI and frontier inference growth slows, while low-margin institutional inference explodes. This may be what the markets are trying to explore, I don't know. if . My opinion remains that the software is really interesting. Snowflakes are really expensive. At some point, hardware becomes more desirable, but software is great. I still believe that reaching the bottom in the third and fourth quarters is still possible. And depressions like Balantir are exploitable. In my opinion.

If you're a company like Salesforce and you say, "Hey, we're going to let you seamlessly take our data and integrate it into the Cloud so people don't have to leave the same Slack app," you know, either Slackbot, which I think is part of CRM to be fair, or you can just do all of that through the Cloud and you don't have to leave your Cloud conversation, and you can do all of that, you know, that can basically read all your data. So, are you somewhat overestimating your competitive advantage? Over time, does this create a potential risk of not being able to gain a large number of customers?

And this, amazingly, is exactly what Salesforce said in its earnings report for the last quarter a few days ago. Salesforce said: "Yes, as you know, we were able to make more money from our existing customers, but we gained fewer new customers."

Now, I own shares in Salesforce, so it's like...this is something to pay attention to, you see.

such as Salesforce and ServiceNow for those interested in ServiceNow. So I'll just switch to the stocks tab. I will write Salesforce.

So, the problem with Salesforce is that this is all the feedback you get when you are a member of the course. Here we are. The margins are shrinking. An 18% increase in costs. A slight contraction in profits. Ah, the gross profit margin has shrunk a little. We have operating expenses that are proportional to revenue growth. So there is still optimism, but they are hoping that the costs of the tokens will decrease and that is their real bet rather than pricing power.

So, that made me a little more interested in Salesforce. That's all . Ah, as you know, they are all in the same situation, like a rising tide. You know, they're all in the same boat.

If I move to CRM, CRM stock, I have a prediction of 458. Yes, most likely. I think that's a fair expectation.