$Salesforce(CRM.US)

Salesforce: Turnaround, or the death of SaaS?

Salesforce’s 22.6% jump looks less like a dead-cat bounce and more like the market finally giving AI-enabled SaaS credit. Q2 FY27 revenue rose 11% to US$11.35bn, while cRPO grew 14% to US$33.5bn. FY26 itself delivered US$41.5bn revenue, +10%, with strong cash generation.

The ClaudeForce partnership is important: Salesforce is embedding Claude into workflows rather than fighting AI head-on. AI product ARR has reportedly reached nearly US$3.9bn.

Stance: This looks more like a SaaS reset than its death. Fundamentals are improving, but after the surge, valuation has quickly rerated. Technically, the breakout is powerful, but $252 is now a major reference point; chasing here carries risk.

For an option writer, I’d favour 30–45 DTE covered calls, around 10–15% OTM, targeting Delta ≤0.20. With CRM around $252, September $280–290 calls offer a better assignment buffer; premiums around $0.15–$0.50 are currently indicated, depending on strike/liquidity.

Bottom line: own the turnaround, but sell calls patiently rather than chase the rally.

Not financial advice.$Salesforce(CRM.US)