Salesforce's AI agent business is growing 205% annually, yet the stock trades near 52-week lows as investors worry AI will eliminate software jobs.

What happened: Salesforce's Agentforce platform—which deploys autonomous AI agents to handle work—reached $1.2 billion（約1900億円） in annual recurring revenue in the fiscal first quarter of 2027 (ended April 30, 2026), up 205% year over year. Meanwhile, Salesforce's overall fiscal Q1 revenue rose 13% year over year to $11.1 billion（約1.8兆円）, but the stock has fallen about 37% year to date and trades near a 52-week low.

Why it matters: Investors are caught between two contradictory signals. Many fear "SaaSpocalypse"—the idea that capable AI agents will replace human workers, shrinking demand for Salesforce's per-user subscriptions. Yet Salesforce's own data suggests the opposite: seven of its ten largest deals in fiscal Q1 actually added user seats, and management says AI is a tailwind rather than a threat. The market has priced in the pessimistic outcome, trading the stock at a price-to-earnings ratio of about 19, well below its historical norm.

What to watch: Agentforce remains small—$1.2 billion（約1900億円） in annual recurring revenue amounts to less than 3% of Salesforce's full-year revenue guidance of about $46 billion（約7.4兆円）. Management expects organic revenue growth to reaccelerate in the second half of fiscal 2027. If that reacceleration arrives and seat counts keep growing, it would undercut the disruption thesis; if growth stays suppressed, investor skepticism may be vindicated.