The setup is attractive if AI is packaged as safe execution inside real workflows, not generic chat. Upside hinges on durable paid adoption while defending pricing against suite bundling.

Salesforce can compound faster than “mature SaaS” if it turns enterprise AI from a feature into governed, auditable work execution across its CRM + data foundation (now strengthened by Informatica), with pricing that maps to outcomes/usage while buybacks keep per-share value compounding.

Wins as cognition commoditizes because it owns frontline workflow distribution + trusted enterprise data context; constraint is dependence on external cloud/model economics.

The base business remains sticky because Salesforce is embedded in revenue and service operations, and buybacks support per-share compounding. The non-linear upside is shifting AI from “copilot text” to controlled action: agents that can execute tasks across CRM, data, integration and collaboration with enterprise-grade auditability and permissions. Informatica improves data quality/lineage, which is the main blocker to production agents, raising attach and willingness-to-pay. The multiple uplift is modest: the main driver is steadier double-digit revenue growth and more credible AI monetization, not a hype re-rate.

The key risk is monetization quality: converting pilots into durable paid agent consumption without margin leakage. Second is competitive bundling from suite incumbents compressing willingness-to-pay. Third is trust/regulatory drag (auditability, data residency) that delays production scaling, especially in regulated industries.

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