Jim Cramer Says He Is “Not Quite Ready Yet to Give Up on Some of These Companies Like Salesforce”

Salesforce, Inc. (NYSE:CRM) is one of the stocks Jim Cramer discussed along with macroeconomic conditions. Cramer highlighted the company’s stock price movement for the day and commented:

“The fear is that customers will be able to develop more of their own software with the help of these new AI platforms that are very good at writing code. Now, I’m not quite ready yet to give up on some of these companies like Salesforce, which is now selling for just 20 times next year’s earnings estimates. But it would help if their Agentforce AI platform keeps putting up good numbers. Stock did close up $4.72 today. That was a nice move.”

Stock chart

Salesforce, Inc. (NYSE:CRM) provides CRM-focused tools that help businesses manage customer interactions, use AI agents, analyze data, collaborate, and run marketing, commerce, and field service operations. During the December 4 episode, Cramer was bullish on the company’s latest quarter, as he remarked:

“Second is Salesforce… And boy, I love this quarter. When his (CEO Marc Benioff) company reported last night, it was lights out, people, lights out. He laid out a… program for Agentforce that suggested Salesforce might have the agentic AI space to itself. This could be one of the largest markets in history. This is the holy grail, people, for customer service. An informed salesperson at the point of contact who knows everything about you and is ready to help you instantly, can’t make mistakes, many languages…

Salesforce now has the holy grail. An Agentforce bot answers your phone call, knows all about you from the get-go, and can service you better than any human, mistake-free, all for a fraction of the cost. And by the way, can I just tell you, no healthcare, no days off, it’s amazing, which is exactly why Costco, the world’s best retailer, and CVS, the biggest drugstore, both chose this technology, and I’m told that they love it.

This is a new business line for Salesforce, just unveiled last year on our show, by the way. And it’s already hit a $500 million run rate. I think Agentforce can redefine this company within the next 12 to 18 months… The reaction, well, the stock immediately jumped more than 20 points last night… But then it gave it all up, I mean, every penny of it. And then of course, it did rebound in the afternoon. It closed higher. But I mean, this thing was down at one point. This was crazy. While investors came to their senses later on, the fact that Salesforce was down even briefly today just shows me, wow, this is one nasty tech market.”

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Disclosure: None. This article is originally published at Insider Monkey.