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Salesforce’s Dreamforce Conference Kicks Off. CEO Benioff Touts AI Tool Agentforce.

Oct 14, 2025 12:42:00 -0400 by Angela Palumbo | #Technology #Street Notes

Dreamforce kicks off on Tuesday. (Stephen Lam/Getty Images)

Key Points

Salesforce kicked off Dreamforce on Tuesday with a video of actor and brand ambassador Matthew McConaughey touting the work Salesforce has done with agentic artificial intelligence.

Dreamforce is Salesforce’s multiday event that is now known as one of the largest annual tech conferences. At this year’s confab, Salesforce is focusing on Agentforce, its artificial-intelligence-agent platform that allows users to build and deploy agents to complete tasks based on prompts.

After the McConaughey video, CEO Marc Benioff took the stage to discuss the future of Agentforce.

“You’re gonna see a new Agentforce. One that is built on every app we make, one with voice, one that is predictable and accurate, one that is intelligent, and with context,” Benioff said.

Following his opening statements, Benioff and the Salesforce team presented different examples of companies that are currently using the latest version of Agentforce— Agentforce 360 —to improve the speed and accuracy of their customer’s shopping experiences, or worker’s tasks. Agentforce 360 is an updated version of the software that has improved ways for clients to build and control AI agents. AI agents complete tasks for a user based on prompts.

These companies included Williams-Sonoma, Pandora, PepsiCo, FedEx and Dell Technologies.

Salesforce also announced some new artificial-intelligence partnerships ahead of the keynote address. The company said on Tuesday morning that it is expanding its strategic partnership with OpenAI and will soon let companies access the Agentforce 360 platform in ChatGPT. Salesforce also announced that it is expanding its partnership with Anthropic to bring Agentforce 360 into its Claude AI model.

Shares of Salesforce were down 1.1% Tuesday afternoon. The stock was already dropping ahead of the keynote after a Northland Securities analyst downgraded his rating on the software company.

Analyst Nehal Chokshi downgraded shares of Salesforce to Market Perform from Outperform and slashed his price target to $264 from $396 on Tuesday. This downgrade comes about one year after Chokshi upgraded the stock to Outperform due to his belief at the time that Salesforce’s Agentforce product would lead to accelerated revenue growth.

“1 year later, constant currency cRPO [current remaining performance obligations] growth (the key metric CRM management points investors towards) has remained range bound between 10% and 11%, failing to accelerate to the midteens level we had projected,” Chokshi wrote.

Concerns over Salesforce’s performance this year are nothing new. Shares have dropped 26% in 2025. The company provided third-quarter revenue guidance on Sept. 3 that missed analyst estimates, fueling Wall Street’s fears about growth. Some investors have also been worried more broadly that generative AI will disrupt the need for software-as-a-service models in the years ahead. Salesforce is fighting hard to push back against this narrative, mainly through the implementation of its AI agents.

“Growing concerns over the long-term implications of the gen AI movement on the SaaS complex have weighed on Salesforce’s stock this year, and the company’s lackluster quarterly results have only intensified this concern,” Monness Crespi Hardt analyst Brian White wrote in a note on Oct. 10. He rates Salesforce as Neutral without a price target.

“We believe Salesforce is well positioned to participate in the gen AI trend with a strong cloud portfolio and new innovations; however, growth is uninspiring, competition dynamic, software in transition, and the macro remains treacherous,” White added.

Write to Angela Palumbo at angela.palumbo@dowjones.com