Salesforce, HubSpot, and Adobe have seen significant market declines amid fears that AI could disrupt their per-seat licensing models, but recent financial reports suggest these companies may be oversold. Salesforce, for instance, reported strong AI revenue growth and profitability improvements, while trading at a historically low valuation. Similarly, HubSpot's robust growth metrics and early success in monetizing AI indicate it might be undervalued despite exposure to AI substitution risks. Adobe also showed solid financial performance but faces leadership changes and uncertainties around its freemium strategy. These developments suggest investors may need to reassess the long-term prospects of these tech giants.
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