Jim Cramer suggested on Friday that the recent "SaaSpocalypse" selloff in software stocks may have been driven in part by short bets from Situational Awareness and said the worst could be over for Salesforce (NYSE:CRM).
Cramer said he is "beginning to wonder" how much of the episode was tied to the hedge fund betting against SaaS names, adding, "At the very least, the worst is over for Club name Salesforce."
Salesforce CEO Rejects Saaspocalypse Fears
Marc Benioff, CEO of Salesforce, dismissed concerns about a SaaSpocalypse as "nonsense" after the company reported a record second quarter. On Thursday, Benioff emphasized the strength of Salesforce’s performance, noting that bookings surged while attrition remained low. He urged an end to the negative narrative surrounding AI’s impact on enterprise software.
Salesforce’s second-quarter revenue rose 11% year-over-year to $11.35 billion, and the company raised its full-year fiscal 2027 revenue guidance to a range of $46.1 billion to $46.4 billion. The partnership with Anthropic on Claudeforce AI was highlighted as a key driver of this success.
