Salesforce and Snowflake On Deck With Software Fighting the AI Bear Narrative

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Salesforce and Snowflake On Deck With Software Fighting the AI Bear Narrative

Industry Note

May 26, 2026 Disruptive Technology

Salesforce and Snowflake On Deck With Software FightingAnalysts

Dan Ives the AI Bear Narrative

(212) 344-2073

Dan.Ives@wedbush.com

Sam Brandeis This is an important week for the software space as two key players Salesforce(212) 222-3005

sam.brandeis@wedbush.com and Snowflake report earnings with the "AI Ghost Narrative" a black cloud across

Steven Wahrhaftig the sector. The only way to prove the bearish narrative wrong is by execution step

(212) 931-7059 by step and showing AI monetization on the software front is around the corner

steven.wahrhaftig@wedbush.com with use cases ramping across the enterprise.

Anish Jog

(917) 747-3095 A key week for Benioff/CRM. Salesforce will report its FY1Q27 results on Wed after

anish.jog@wedbush.com the close in what we view as a key barometer for the software landscape and the

AI cannibalization fears within the Salesforce ecosystem. With the "AI Ghost Trade"

narrative continuing to weigh on sentiment across software with Salesforce sitting

at the epicenter, this print represents an important opportunity for Benioff & Co.

to begin shifting the conversation back toward the company's long-term agentic

opportunity. We believe there continues to be a disconnect between the underlying

business and the prevailing narrative. That said, Benioff and CRM have their work

cut out for themselves and need to turn the CRM AI growth narrative around by

execution...not just words and it starts this quarter.

We believe three things will define the print: a clean execution quarter on the

top-line and cRPO, Agentforce metrics that show the platform is moving from