Anurag Rana

The first is, given so much spend going into AI, the non-AI spending is the one that's under pressure.

And that is hurting companies like Salesforce, Workday, Accenture, and so forth, because companies have, or the clients don't have that much money to spend in terms of how they're allocating AI spending versus non-AI.

The second big piece right now is the market's extremely worried about software companies getting disrupted by all the model providers and all the AI native companies.

Salesforce are getting hit by two different ways.

But the results, frankly, I wouldn't say they were disappointing.

I would say they were stable in line in terms of what they were saying they're going to do.

From our side, it is just going to take some time to sort out.

So the question is the answer to the, if is it warranted?

I mean, I think it's going to take some time to play out because if the models get really smart, then why do you need a manufactured software like this?

That software can do a lot of what you need to do in terms of managing your sales force or customer service.

Now, the question is, in our view, when a company like Salesforce is there, there are a handful of their products that they have that they sell into the enterprise, whether it's customer service cloud or sales automation cloud.

Those are the ones I think they have a little bit better position of not being disrupted.

but they have other visualization tools or some other smaller products that may not be the ones where anybody would pay for it.

So I think there is a lot that needs to be done from Salesforce in terms of adding more AI capabilities to its core product and not change the narrative around it.

You know, I think that's the most important thing is we are very early in the inning.

But at the same time, you know, when people are worried, they'll entirely sell the entire sector.

We have seen that numerous times.

So when we looked at this thing, I mean, the entire team worked on creating a framework of, you know, when we see a company, does it have high market share?

Does it sell to very large companies versus smaller companies?

Is it a platform?