Markets
Benioff Called the SaaSpocalypse "Nonsense" the Same Week Salesforce Spent a Record $27B on Buybacks and Stock Jumped 12%
On 2026-08-26 Benioff told CNBC that the thesis of AI eroding SaaS "lacks basis" and that cutting-edge models depend on CRM rather than replace it, citing Claudeforce as the proof; shares rose more than 12% on the quarter and guidance. The context is brutal: at its late-June low Salesforce was down more than 40% in 2026 with a P/E of 11 versus roughly 20 in January, and the company spent a record $27 billion on buybacks in a single quarter. A CEO arguing that the model integration proves the model is not a threat, while buying back a record amount of his own stock, is the clearest read on how the market is pricing the SaaS-versus-agent question.
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