As Salesforce Inc. (NYSE:CRM) prepares to report its third-quarter earnings, the narrative is split between a management team touting a “record year” and a partner ecosystem signaling caution.

The stock is caught in a tug-of-war: Bulls point to surging AI metrics and disciplined execution, while Partners report “gradual” adoption and shrinking pipelines, setting the stage for a tense third-quarter print.

Check out CRM’s stock price here.

The Bull Case: The AI Flywheel Is Spinning

Management enters the third quarter armed with data to support their “Agentic Enterprise” pivot. In the second quarter, Salesforce reported a massive 120% year-over-year growth in its Data Cloud and AI portfolio, reaching $1.2 billion in annual recurring revenue (ARR).

CEO Marc Benioff has championed the company's swift transition from “chatbot” experiments to real-world deployment, citing a 60% quarter-over-quarter increase in customers moving from pilot to production.

With over 12,500 Agentforce deals signed—6,000 of them paid—bulls believe the “flywheel” effect is real and will drive long-term margin expansion.

See Also:  Salesforce's Agentforce AI, Data Cloud Strengthen Long-Term Growth Potential: Analyst

The Partner Reality: ‘Gradual’ Adoption & ...