The iShares Expanded Tech-Software ETF (NYSEMKT: IGV) is an exchange-traded fund (ETF) that holds over 100 different software stocks, including industry leaders like Palantir Technologies, Microsoft, and Salesforce. The ETF has suffered a decline of 11% this year amid concerns that artificial intelligence (AI) could disrupt the legacy software-as-a-service (SaaS) business model.
The potential risks are twofold. First, some investors think AI will shrink the global workforce, thus reducing the revenue of SaaS companies that charge customers on a per-user basis. Second, some investors fear AI-powered programming tools like Claude Code will allow businesses to create their own versions of popular software products, rendering legacy vendors obsolete.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
But the AI boom has recently run into trouble. Wall Street is questioning the sustainability of the data center infrastructure spending boom because the sheer cost of chips and other components is making AI models too expensive to deploy at scale in many cases. Here's why that could be good news for the iShares Expanded Tech-Software ETF.
Some of America's top suppliers of AI data center chips have lost a substantial amount of value over the last few weeks. Nvidia stock is down 16% from its high, while Advanced Micro Devices stock has declined 21%, and Micron Technology stock has plummeted 33%.

#NVIDIA #Stock #down

Night View Capital, an investment management firm, released its second-quarter 2026 investor letter. The letter highlights that AI is a transformative force, comparable to electricity due to its industry-wide impact. A copy of the letter can be downloaded here. Although fears about the software sector have led to significant declines in stock prices, the letter argues that AI integration will ultimately benefit many companies. They recognize that some software firms may experience temporary slowdowns, but most will adapt and succeed by embracing AI, citing advantages like systems of record, high switching costs, entrenched distribution, and rapid AI adoption. The sharp decline in software valuations appears to be an overreaction rather than a sign of industry failure. Nightview believes the so-called "software panic of 2026" is temporary, and resilient businesses will adapt and flourish in the age of AI. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Night View Capital highlighted Salesforce, Inc. (NYSE:CRM). Salesforce, Inc. (NYSE:CRM) is a cloud computing company that offers Customer Relationship Management (CRM) technology that brings companies and customers together. On July 27, 2026, Salesforce, Inc. (NYSE:CRM) closed at $173.60 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was 17.57%, and its shares lost 31.12% over the past 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $142.78 billion.
Night View Capital stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q2 2026 investor update:
"Salesforce, Inc. (NYSE:CRM) is our clearest expression of the system-of-record thesis. It holds the customer relationships of a large slice of the corporate world. That data is the fuel for every AI sales and service agent a company might want to deploy, and the natural place to deploy them is inside the platform that already holds the data. When the software selloff was at its most indiscriminate, we added to our position. We were, in effect, buying the fear."
Salesforce, Inc. (NYSE:CRM) ranks 28 on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 101 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the first quarter, compared to 115 in the previous quarter. While we acknowledge the risk and potential of Salesforce, Inc. (NYSE:CRM) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Salesforce, Inc. (NYSE:CRM) and that has 10,000% upside potential, check out our report about this cheapest AI stock.

#salesforce #letter #investor

The Dow Jones Industrial Average climbed 659 points, or 1.3%, on Tuesday as strong earnings from Coca-Cola and Sherwin-Williams lifted blue-chip stocks while falling oil prices added support. The S&P 500 rose 0.3%, and the Nasdaq Composite finished little changed.
Sherwin-Williams stock surged 8% to pace the Dow after the paint maker topped second-quarter estimates. Coca-Cola stock climbed 5% after the beverage giant beat on both revenue and earnings and lifted its full-year guidance. Salesforce stock also gained 5%.
A broad rotation out of technology and into other sectors drove much of the day's action. The Technology Select Sector SPDR Fund hit its lowest level since May 7, while the State Street Health Care Select Sector SPDR ETF and Financials ETF surged to record highs. Consumer-staples stocks led the S&P 500 with a 2.7% gain.
The VanEck Semiconductor ETF dropped more than 3%, marking a fourth straight session of losses for chip stocks. Micron shares declined roughly 8% and AMD shed 7%. A drop of nearly 6% in the PHLX semiconductor index pushed the Nasdaq-100 into correction territory at its session low, though the index recovered to close above that threshold, according to the Wall Street Journal. Software names provided a partial cushion, as Microsoft advanced nearly 2% and the iShares Expanded Tech-Software ETF added close to 2%.
Mounting anxiety over AI spending levels and China's accelerating advances in the sector have pressured chip stocks, according to the Journal. The weakness extended across the Pacific, where South Korea's Kospi finished down 10% and ****** an's Nikkei lost 4%.

#Stock #williams

Enterprise AI agents were meant to be the breakout software offering for 2026, yet instead they've become one of the major sources of buyer distrust. According to Anaconda and Forrester research, over 88% of AI agent pilots never reach production, as confirmed by independent polls from a16z and MIT Sloan's CIO panel, while Gartner predicts that more than 40% of agentic AI initiatives will be discontinued entirely by 2027 due to questionable ROI.
Salesforce Inc. (NYSE:CRM) walked into the gap between agent hype and agent reality when it placed its growth narrative on Agentforce, and by 2026, that bet has made Salesforce Inc. (NYSE:CRM) one of the worst-performing components of the Dow Jones Industrial Average, down around 31.48% year to date.
The immediate cause appears to be a credibility problem, not a demand issue. Bernstein downgraded Salesforce Inc. (NYSE:CRM) to Sector Weight from Outperform on July 9, removing its price target completely and citing poor customer feedback on Agentforce in particular. According to **** yst Jackson Ader, the released data doesn't yet indicate growing momentum, and a recent CIO survey found Salesforce Inc. (NYSE:CRM) to be "a standout for the wrong reasons."
That said, this interpretation is not uniform, and the debate on the market is serious. On July 14, Goldman Sachs reiterated its Buy rating and $242 price target, expecting organic growth to pick up in the third quarter as more details on AI monetization become available at Salesforce's Agentforce event in September. Goldman's more constructive reading is based on management's own acknowledgment of headwinds in Tableau, Commerce, and Marketing, which the firm sees as realistic rather than concerning, arguing that Salesforce Inc. (NYSE:CRM) is being open about a 12-to-24-month drag on its organic growth algorithm rather than covering it up.
Salesforce Inc. (NYSE:CRM)'s historical valuation decline looks to be the most mispriced aspect of the market story. Shares are currently trading at a compressed forward earnings multiple of only 10.83x, a substantial drop from the stock's five-year historical average of over 127x. The disparity is even more obvious when compared to prominent peers such as ServiceNow, which trades at a forward P/E of around 20.43x and requires consistent revenue growth above 18% through 2028 to maintain its valuation premium. Salesforce's current valuation of less than 11x forecast earnings is in near-total deadlock, despite the company's strong free cash flow generation and substantial enterprise data integration.

#valuation #july

Montaka Global Investments, an investment management company, released its second-quarter 2026 investor letter. A copy of the update is available to download here. Montaka manages a concentrated portfolio of high–conviction, long-term, competitively advantaged businesses bought when prices are attractive. While it delivered positive returns in the June quarter, its 12-month performance was largely negative due to declines in the March quarter amid the 'SaaSpocalypse', yet the underlying businesses performed well. Montaka's strategy focuses on owning businesses that grow earnings in large markets, which struggled against short-term bottleneck trades that gained popularity. However, Montaka aims for long-term excess returns above market indices, anticipating that current mispricing will eventually correct. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Montaka Global Investments highlighted Salesforce, Inc. (NYSE:CRM). Salesforce, Inc. (NYSE:CRM) is a cloud computing company that offers Customer Relationship Management (CRM) technology that brings companies and customers together. On July 22, 2026, Salesforce, Inc. (NYSE:CRM) closed at $163.00 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was 3.52%, and its shares lost 41.92% over the past 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $133.5 billion.
Montaka Global Investments stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q2 2026 investor update:
"The It's Not About the SaaS: Why the market is wrong about Salesforce, Inc. (NYSE:CRM): Since the start of the recent SaaS selloff – which we explored in detail in Montaka's recent whitepaper – Salesforce's share price has halved. The market is now pricing in something like obsolescence for the world's dominant customer relationship management (CRM) platform.
This, in our view, represents a significant investment opportunity. The market's concern is two-fold. First, that AI makes software trivially cheap and easy to build – rendering vendors like Salesforce redundant. Second, that agents don't need software interfaces at all – they can interact directly with data and systems, making seat-based licences obsolete.

#montaka

L1 Capital, an investment management firm, released its "L1 Capital International Fund" (unhedged) second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter discusses the current investment environment as a 'two-speed' but resilient global economy, accompanied by an uncertain future. The letter explores the potential of an AI bubble, distinguishing between strong fundamentals and speculative momentum. Additionally, the market displays a 'narrow' character, marked by high exuberance and ***** ounced over-pessimism. Against this backdrop, the Fund returned +2.6% (net of fees) during the June 2026 quarter, compared to the benchmark return of +12.5% (all in A$). The underperformance was driven more by which investments were not held in the Fund. The Fund remains focused on quality, valuation and the avoidance of permanent capital loss, and believes the portfolio is positioned to deliver attractive risk-adjusted returns for patient investors. In addition, you can check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, L1 Capital International Fund highlighted Salesforce, Inc. (NYSE:CRM). Salesforce, Inc. (NYSE:CRM) is a cloud computing company that offers Customer Relationship Management (CRM) technology that brings companies and customers together. On July 17, 2026, Salesforce, Inc. (NYSE:CRM) closed at $170.77 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was 13.76%, and its shares lost 34.89% over the past 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $139.86 billion.
L1 Capital International Fund stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q2 2026 investor update:
"Salesforce, Inc. (NYSE:CRM) is the clear leader in its software sub-segment, is well-managed and its business economics and financial position are strong. However, we think the implications of AI are significant for Salesforce, and management will need to respond with strong execution and adjustments to the current business model. We sold into a bounce in Salesforce's share price and used the proceeds to fund the increased investment in Nvidia."
Salesforce, Inc. (NYSE:CRM) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 27 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the first quarter, up from 23 in the previous quarter. While we acknowledge the potential of Salesforce, Inc. (NYSE:CRM) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

#letter

ServiceNow is down 30% year-to-date despite 21% subscription revenue growth, a $12.85 billion forward-demand backlog, and four straight EPS beats.
Salesforce fell roughly a third this year making a defensive $3.6 billion acquisition, while Microsoft's revenue growth trails ServiceNow's by a wide margin.
A put/call ratio of 0.33 and 43 **** yst buy ratings against 1 sell signal rare pre-earnings alignment between options desks and Wall Street.
This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)
ServiceNow (NYSE:NOW) at $112.86 as of July 13 stands out as a compelling setup for retirement-focused investors heading into the company's July 22 report. The stock is down more than 23% year to date and more than 41% over the past year, while the underlying business is accelerating. That gap is the opportunity.

Salesforce trades at a forward P/E of 12, beat EPS estimates by 24%, yet the stock has fallen 37% year to date.
Palantir's trailing P/E of 145 and price-to-sales of 59 price in perfection while the stock sits 25% lower year to date.
Salesforce's Agentforce ARR surged 205% year over year to $1.2 billion, matching Palantir's AI growth narrative at a fraction of the valuation.
This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)
Palantir is back on every screen this month, up 14.55% in a single week as retail traders pile back into the AI infrastructure trade that briefly wobbled in June. But here is what you should actually be watching.

Since the AI hiring correction took hold, tens of thousands of employees have watched their jobs disappear, despite the companies that cut them posting some of the strongest earnings in their history.
Oracle (ORCL) eliminated 21,000 positions over the past year, even as its full-year adjusted earnings per share jumped 27%.
Salesforce (CRM) cut jobs across three separate rounds since September 2025, while its AI platform, Agentforce, grew revenue 205%.
Block trimmed its workforce nearly in half, and Meta laid off 8,000 people while pushing its annual capital expenditure guidance as high as $135 billion to build out its AI infrastructure.
That contrast, record profits next to shrinking headcounts, has now shown up in polling. A new survey suggests most Americans are done waiting for tech companies to fix it themselves.

Salesforce Inc. (NYSE:CRM) is one of the best large cap stocks to buy according to **** ysts. On July 8, Salesforce announced that the US Air Force 441st Vehicle Support Chain Operations Squadron is utilizing Missionforce National Security to manage its $13.5 billion fleet. This platform replaces legacy ERP silos, providing a unified, interoperable digital backbone for over 84,000 vehicles across nearly 389 locations.
The implementation enables the squadron to consolidate fragmented logistics into a strategic advantage, improving visibility for commanders and reducing service downtime. By utilizing the Salesforce Government Cloud Plus Defense, the Air Force has gained a scalable, IL5-authorized environment to support global mission readiness and operational control.
photo by Business-laptop-campaign-creators on Unsplash
Missionforce National Security streamlines **** et logistics, accelerates contingency planning, and improves budgeting accuracy through real-time data integration. The squadron is now positioned to leverage predictive **** ytics and future AI capabilities to automate manual tasks, validate vehicle data, and optimize maintenance schedules.
Salesforce Inc. (NYSE:CRM) is a global enterprise software company that provides CRM and cloud-based business applications across sales, service, marketing, commerce, and data **** ytics. Its Customer 360 platform, powered by data tools and trusted AI, enables organizations to unify customer data and drive personalized engagement.

Salesforce (CRM) rarely draws a downgrade from two research firms at once. This week it did.
On Thursday, July 9, KeyBanc Capital Markets and Bernstein downgraded Salesforce to a Hold. The stock fell roughly 3% to 4% at its low before steadying the next day.
However, what matters beyond the price drop is why both firms stepped back at the same time, and what that means for anyone who owns the stock.
KeyBanc moved Salesforce to Sector Weight from Overweight. Bernstein also downgraded the stock to Sector Weight from Outperform, according to Investing.com.
Both firms had the same concern. The adoption of Agentforce, the company's flagship AI agent platform, is progressing more slowly than the headline numbers suggest.

Salesforce, Inc. (NYSE:CRM) is among our Best Software Stocks to Buy in 2026. Recently, on July 1, John DiFucci from Guggenheim upgraded Salesforce, Inc. (NYSE:CRM) from Neutral to Buy, while maintaining a price target of $228.
The rating upgrade comes after the stock has fallen more than 35% over the past 6 months. The sell-off has been driven by fears that AI can disrupt software businesses. The ******* yst noted that the sell-off and the AI fear have gone too far. He acknowledged that the company faces some risks from AI advancements but noted that the current valuation has already priced in an overly harsh downside. The ******* yst noted that AI can pressure Salesforce, but will not kill it.
Overall, the Street has a bullish outlook on the stock as 73% of the 55 ******* ysts covering the stock maintain a Buy rating. The Street's high price target suggests more than 140% upside, while the average price target reflects more than 44% upside from the current level.
Salesforce Inc. (NYSE:CRM) is a global enterprise software company that provides customer relationship management (CRM) and cloud-based business applications across sales, service, marketing, commerce, and data ******* ytics. Its Customer 360 platform, powered by data tools and trusted AI, enables organizations to unify customer data and drive personalized engagement.
While we acknowledge the potential of CRM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

ServiceNow, Inc. (NYSE:NOW) was among the stocks Jim Cramer commented on as he advised investors on how to take advantage of Wednesday's market rotation. Cramer noted the AI worries around the stock, as he commented:
Next up, after cratering all year, the software-as-a-service stocks like Salesforce, like ServiceNow, oh, they were flying today. Now, these companies have been hurt by artificial intelligence platforms like Anthropic's Claude. I believe AI is cutting a lot of jobs… [for] potential and actual users of their products, and their nascent AI businesses, they're not making up for the lost seats. That's the method of payment for these companies, by the seat. And that's why I'm betting that these gains, they may be ephemeral. ServiceNow and Salesforce are down so much for the year, though, off 31 and 38%, respectively. They're, look, these are due for at least a couple of days' bounce. But it's just a bounce, people, until we see earnings that can tell a different story of this entire enterprise software group.
ServiceNow, Inc. (NYSE:NOW) provides a cloud platform that supports digital workflows through AI, automation, low-code tools, ****** ytics, and a suite of IT, security, customer service, and employee experience products.
While we acknowledge the potential of NOW as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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Salesforce (CRM) stock is extending gains on Wednesday after Guggenheim ***** ysts led by John DiFucci said it offers a favorable risk-reward at current levels.
On July 1, DiFucci upgraded the Software-as-a-Service (SaaS) company to "Buy," and announced a bullish $228 price target, which signals potential upside of about 40% from here.
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All four major U.S. indices posted their best first-half performances in years, but stocks enter Q3 overbought with the Magnificent 7 underperforming.
Citigroup upgraded LMT to Buy with a $582 target, while Guggenheim raised both CRM and NOW to Buy on Wednesday.
RBC Capital downgraded DOW to Sector Perform and slashed its price target nearly 45%, from $51 to $28.
Act now: the ***** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and Salesforce didn't make the cut. Grab the names FREE today.
Futures are trading lower as we get ready to start the third quarter after a record-setting second quarter that saw the Dow Jones Industrial Average close at 52,317, up 0.26% to finish the venerable index's best first half since 2021, while the Nasdaq finished the session at 26,213, up 1.52% for the tech-heavy index's best quarterly finish since 2020. The S&P 500 closed the day at 7,499, up 0.79% for its best-performing quarter since 2020, and lastly, the small-cap Russell 2000, which is the leading index this year, up more than 21%, was last seen at 3,025, up 0.51% for its best first half of the year since 1991. These results are staggering: we had a 10% correction earlier this year, and the Magnificent 7, which led the market for the last three years, has underperformed the broader S&P 500 so far in 2026. While the strength could continue into the third quarter, stocks are currently in overbought territory and could see a summer slump.

On June 23, S&P Dow Jones Indices announced that Alphabet would be replacing Verizon Communications in the Dow Jones Industrial Average.
Since 2020, seven of the Dow's 30 components have changed, including the additions of Honeywell International, Salesforce, Amgen, Amazon, Nvidia, Sherwin-Williams, and now Alphabet, and the deletions of RTX, ExxonMobil, Pfizer, Walgreens Boots Alliance, Intel, Dow, and Verizon.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Space Exploration Technologies (NASDAQ: SPCX) -- otherwise known as **** eX -- has only been public for a couple of weeks. But the company has a strong case for joining the Dow one day. Here are three reasons **** eX could eventually join the Dow, and whether the growth stock is a buy now.
With just 30 components, each Dow stock represents certain industries and a stock market sector. The strongest case for **** eX joining the Dow is that it is the undisputed leader in the commercial **** e launch industry -- conducting 82% of U.S. **** e launches.

Antipodes Partners published its "Antipodes Global Strategy" first-quarter 2026 investor letter, highlighting the key performance stocks, portfolio changes, and the market outlook. A copy of the letter can be downloaded here. The first quarter of 2026 was highly volatile. Early optimism shifted to a historic energy shock caused by US-Israeli strikes on Iran. Global equities dropped 3.2% in USD, with US equities falling 4.6%, and value stocks outperformed growth stocks as the rotation away from mega-cap tech accelerated due to AI fears. The strategy outperformed the benchmark over the quarter and the 12 months to March 31, 2026. Exposure in North America, Korea, Western Europe, and Latin America regions boosted performance, while Canada and the UK lagged. Energy, consumer discretionary, industrials, and healthcare sectors led the performance, while financials, real estate, and materials lagged. To manage risk, the firm increased its holdings in defensive sectors during the quarter. For insights into their key selections for 2026, please review the Strategy's top five holdings.
In its first-quarter 2026 investor letter, Antipodes Global Strategy highlighted Salesforce, Inc. (NYSE:CRM). Salesforce, Inc. (NYSE:CRM) is a cloud computing company that offers Customer Relationship Management (CRM) technology that brings companies and customers together. On June 24, 2026, Salesforce, Inc. (NYSE:CRM) closed at $152.76 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was -13.57%, and its shares lost 42.70% over the past 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $125.65 billion.
Antipodes Global Strategy stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q1 2026 investor letter:
"Salesforce, Inc. (NYSE:CRM) finished lower amid sector-wide software sell-off driven by intensifying fears that rapid AI evolution could disrupt traditional enterprise software models and valuations. Salesforce continues to demonstrate robust fundamentals, and we estimate earnings can continue to grow at 14% year-on-year, driven by the momentum of its recently deployed autonomous AI agent platform, Agentforce."
Salesforce, Inc. (NYSE:CRM) is in the 28th position on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 101 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the first quarter, compared to 115 in the previous quarter. In the first quarter of fiscal 2027, Salesforce, Inc. (NYSE:CRM) generated revenue of $11.13 billion, up 13% year over year on a nominal basis and 12% at constant currency. While we acknowledge the potential of Salesforce, Inc. (NYSE:CRM) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

Brown Capital Management, an investment management company, released its first quarter 2026 investor letter for "The Brown Capital Management Small Company Fund". A copy of the letter can be downloaded here. In the first quarter of 2026, the Small Company Fund (Investor shares) fell 19.78%, significantly lagging the Russell 2000 Growth index's 2.81% decline. Worsened market conditions due to the Iran war, driving the oil price spike and increased volatility in equities. Despite stabilization in the performance as the quarter progressed, early declines and weakness in large positions significantly impacted the Fund's performance. Please review the Fund's top five holdings to gain insights into their key selections for 2026.
In its first-quarter 2026 investor letter, The Brown Capital Management Small Company Fund highlighted Veeva Systems Inc. (NYSE:VEEV). Veeva Systems Inc. (NYSE:VEEV) is a technology company that provides a cloud-based software platform for the life sciences industry. On June 23, 2026, Veeva Systems Inc. (NYSE:VEEV) closed at $159.71 per share. One-month return of Veeva Systems Inc. (NYSE:VEEV) was 0.77%, and its shares lost 42.86% over the past 52 weeks. Veeva Systems Inc. (NYSE:VEEV) has a market capitalization of $25.94 billion.
The Brown Capital Management Small Company Fund stated the following regarding Veeva Systems Inc. (NYSE:VEEV) in its Q1 2026 investor letter:
"To appreciate these criteria, consider Veeva Systems Inc. (NYSE:VEEV), which provides cloud-based software to the global life sciences industry, including the fields of biotechnology and pharmaceuticals. Unlike horizontal platforms such as Salesforce or HubSpot, which serve broad customer use cases across industries and face increasing AI-driven competition, Veeva's solutions are deeply embedded in highly specialized regulatory, clinical and commercial workflows. Its platform is built on proprietary, highly structured data tied to drug development and compliance processes, making Veeva's offering far less susceptible to commoditization from AI trained on public data. While aspects of Veeva's model are seat-based, its software is mission-critical and aligned with regulated activities, limiting the risk that AI-driven efficiency will reduce demand. Finally, Veeva operates as a system of record, serving as the authoritative source for regulated content and data, in contrast to more interface-driven systems of engagement that are easier to disrupt. Taken together, these characteristics suggest that Veeva is relatively well insulated from the disruptive effects of AI. Nevertheless, the company is trading at a 55% discount to its historical price/sales ratio, largely due to this AI derating."

Salesforce (NYSE:CRM) primarily generates revenue by offering a comprehensive suite of cloud-based subscriptions that help enterprises manage customer relationships, sales pipelines, marketing campaigns, and data ***** ytics across various departments.
While it recently acquired the customer agent company Fin for approximately $3.6 billion and initiated workforce reductions across several divisions, it reported an approximately 19% net income margin for the quarter ended April 30, 2026.
ServiceNow (NYSE:NOW) earns its revenue mainly by providing cloud-based enterprise software that automates technology operations, employee workflows, and customer service tasks to streamline broad business processes.
It completed the acquisition of the cyber exposure management company Armis and addressed a security vulnerability in customer instances, while generating a 12% net income margin for the quarter ended March 31, 2026.
Revenue serves as a gauge to help investors understand the total amount of money a business brings in before deducting any operational expenses. It reveals whether a corporation is successfully attracting customers and growing its overall business volume over time.

SpaceX (SPCX) isn't the only Big Tech stock getting slammed at the moment. The cover-your-eyes year for Salesforce (CRM) investors just keeps getting worse.
The news: Shares of Salesforce are now hovering at three-and-a-half-year lows. The stock is down about 10% over the past five trading sessions.
Year to date, Salesforce is by far the worst performer in the Dow Jones Industrial Average (^DJI) with a 43% decline. Only Nike (NKE) is close, with a 33% plunge.
The ******* ysis: Salesforce co-founder and CEO Marc Benioff has attempted to fight back against the "SaaS apocalypse" narrative that AI models would render software companies obsolete, which has hammered software stocks in recent months, and his in particular.

Salesforce (CRM) shares are in the midst of a historic collapse, dipping to a 52-week low of $146.32 yesterday, June 22, after falling for 14 consecutive trading sessions, the longest losing streak in the firm's recorded history.
CRM has shed roughly 29% during this unprecedented streak and is now down 42% year-to-date. Since its all-time high of $368 set in December 2024, the stock has lost nearly 60% of its value.
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Palantir's (PLTR) chart just cracked. Salesforce (CRM) is still sliding toward its next test.
Palantir stock dropped to a one-year low Monday and continued to edge lower Tuesday morning, putting it on track for a fifth straight decline. Salesforce stock is posting a small bounce, setting up to snap a 14-day losing streak, the worst run in the stock's history.
The charts still look rough.
Palantir's first line is near $125, the old floor of its prior trading range. Bulls need the stock back above that level fast to argue the breakdown was a bear trap, or a failed move lower that forces sellers to chase the stock back up.
That is not happening yet.

Futures for the Dow Jones Industrial Average and other major stock indexes traded sharply lower Tuesday amid a global sell-off in memory-chip related stocks. Micron Technology (MU), Nvidia (NVDA) and Sandisk (SNDK) were big losers on the stock market today
Ahead of Tuesday's opening bell, Dow futures declined 0.5% as S&P 500 futures dropped 1.5%. Nasdaq-100 futures sold off 3% in premarket trading. South Korea's Kospi index plunged nearly 10%, with artificial intelligence chip leader SK Hynix plummeting more than 12%.
West Texas intermediate crude oil futures dipped to around $73.50 per barrel. The 10-year Treasury yield edged lower to around 4.49%. Bitcoin slipped to around $62,200.
Among exchange-traded funds, the Invesco QQQ Trust (QQQ) moved down nearly 3% as the SPDR S&P 500 ETF Trust (SPY) lost 1.4% ahead of Tuesday's market open.
Inside the Dow industrials, IBM (IBM) rallied more than 4% in early morning action. Also up was Salesforce (CRM), which climbed 1.5%.

Zoom Communications Inc. (NASDAQ:ZM) is one of the 12 Best Growth Stocks Trading in Oversold Territory. On June 1, Zoom Communications launched ZoomMate, an agentic AI platform designed to bridge the gap between workplace conversations and task execution. By integrating live conversational context with data from tools like Salesforce, Jira, Slack, and ServiceNow, the platform allows users to move from decision-making to completed work without switching applications.
The tool aims to eliminate the friction caused by fragmented workflows by performing agentic searches, generating AI content, and automating follow-through actions. It is designed to act as a central hub that captures meeting context and applies it to enterprise systems, ensuring that work decisions are immediately translated into actionable deliverables.
Industry ****** ysts note that ZoomMate differentiates itself by operating within the flow of live conversations where decisions are made, rather than functioning as an isolated helper. This approach provides the platform with real-time business context, enabling more grounded AI recommendations and helping teams maintain continuity across their various professional workflows.
Zoom Communications Inc. (NASDAQ:ZM) provides an AI-first collaboration platform including video, voice, and chat services. The California-based company empowers modern hybrid work by offering seamless communication and collaboration capabilities to global enterprises and individuals.
While we acknowledge the potential of ZM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

Salesforce Inc. (NYSE:CRM) is one of the 7 Worst Cloud Stocks To Buy According to Short Sellers. On June 5, Matthew VanVliet, an ***** yst at Cantor Fitzgerald, reaffirmed a Buy rating on Salesforce Inc. (NYSE:CRM) stock and set a target price of $250. The firm's price target reflects an additional 52% upside from current levels.
The cloud software company enjoyed positive ***** yst sentiment in the first week of June. Three different ***** ysts raised their price targets on the stock, including Barclays, RBC Capital, and Goldman Sachs. Among these, Goldman has the highest price target on the stock of $242.
On June 1, at the Choose France summit, Salesforce announced it would invest $2 billion in France through 2030. In this plan, the company will launch a new AI Innovation Hub in Paris and expand support for AI education, workforce training, customers, and partners in the country.
The news comes after the company already expanded its AI center in London, the financial hub of Europe, on May 20. The investment in Paris shows how the company's management is focused on serving enterprises in the European region, which it considers a key market.
Marc Benioff, chair and CEO of Salesforce, remarked,

June 15 (Reuters) - Salesforce on Monday said it will buy autonomous AI agent platform Fin for about $3.6 billion, ‌bolstering its Agentforce offering as the business software provider ‌deepens its focus on automation.
The acquisition marks Salesforce's latest bet to accelerate its AI transition amid a wider industry shift toward autonomous agents.
Salesforce has been reinventing itself as an AI-agent company through Agentforce, which more than tripled annual recurring revenue to $1.2 billion in the ‌first quarter.
The company's $8 billion ⁠acquisition of AI-powered data management platform Informatica in May 2025 marked its return to large deals ⁠to strengthen data and automation capabilities.
Fin's offering includes an AI agent that handles customer support queries across channels, including live chat, email, WhatsApp, SMS, phone and Slack.

Is CRM a good stock to buy? We came across a bullish thesis on Salesforce, Inc. on Notes on the Noise's Substack. In this article, we will summarize the bulls' thesis on CRM. Salesforce, Inc.'s share was trading at $182.55 as of June 8th. CRM's trailing and forward P/E were 21.51 and 13.91 respectively according to Yahoo Finance.
Copyright: gmast3r / 123RF Stock Photo
Salesforce, Inc. provides customer relationship management technology services that connect companies and customers together in the United States and internationally. CRM is positioned as one of the most resilient enterprise software companies despite growing fears that generative AI will commoditize traditional SaaS platforms.
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Is VEEV a good stock to buy? We came across a bullish thesis on Veeva Systems Inc. on X.com by tomicki. In this article, we will summarize the bulls’ thesis on VEEV. Veeva Systems Inc.'s share was trading at $188.66 as of June 1st. VEEV’s trailing and forward P/E were 34.68 and 21.28 respectively according to Yahoo Finance.
Veeva Systems Inc. (VEEV) is a structurally advantaged vertical SaaS company and the software backbone of the global life sciences industry, spanning CRM, clinical trial management, regulatory submissions, and quality systems. Its competitive advantage is anchored in deep domain specialization and FDA and EMA regulatory validation requirements, creating high switching costs that make systems irreplaceable once embedded in pharma operations.
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Unlike horizontal SaaS exposed to AI commoditization, Veeva benefits from compliance-driven workflows that cannot be replicated through generic code generation, reinforcing customer captivity. The separation from Salesforce strengthened autonomy, enabling full control over product roadmap, margins, and AI integration.

With a market cap of $73.8 billion, EOG Resources, Inc. (EOG) is an energy company engaged in the exploration, development, production, and marketing of crude oil, natural gas liquids, and natural gas. Its operations span major producing basins across the United States, as well as the Republic of Trinidad and Tobago and other international locations.
Companies valued at $10 billion or more are generally considered "large-cap" stocks and EOG Resources fits this criterion perfectly. In addition to upstream activities, the company provides crude oil and condensate services, along with gathering, processing, and marketing operations.
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New Jersey-based Zoetis Inc. (ZTS) is the world's leading animal health company, focused on advancing the care of animals through innovation and science. With nearly 75 years of experience, the company develops products and solutions that help predict, prevent, diagnose, and treat diseases in both companion animals and livestock.
Serving veterinarians, pet owners, and livestock producers in more than 100 countries, Zoetis combines scientific research, advanced manufacturing capabilities, data-driven development, and commercial expertise to deliver a broad portfolio of medicines, vaccines, diagnostics, biopharmaceuticals, and digital health solutions. With a market capitalization of approximately $32.03 billion, Zoetis comfortably falls into the large-cap category, which generally includes companies valued at $10 billion or more.
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