10 AI Stocks Dominating Wall Street

5. Salesforce, Inc. (NYSE:CRM)

Number of Hedge Fund Holders: 116

Salesforce Inc (NYSE:CRM) is a cloud-based CRM company that has gained traction after the launch of its AI-powered platform called Agentforce. On February 7, Bloomberg reported that software companies are increasingly being pressured to invest in artificial intelligence capabilities without hitting their profits. As a result, companies such as Salesforce Inc. and Workday are making two moves: cutting jobs and highlighting cost savings from adding workers internationally.

“Do we need to hire everybody in San Francisco? Or can we think about other locations that are cheaper where we can get really incredible labor like India and Mexico City.”

-Salesforce Chief Operating Officer Brian Millham said at an event hosted by Barclays Plc in December.

Previously, Bloomberg also reported on February 4^th that Salesforce has been cutting jobs and simultaneously hiring workers to sell new artificial intelligence products.

The cuts speak “to the company’s focus on driving productivity and should help offset some of the incremental sales hiring that the company has already outlined”.

-Kirk Materne, an analyst at Evercore ISI.