What signals did the Dreamforce conference release? The “SaaS Doomsday Theory” was denied again, and CRM.US (CRM.US) won Mizuho Shouta

The Zhitong Finance App learned that after the first day of the Dreamforce conference, CRM.US (CRM.US) received a new round of bullish statements from Mizuho. Mizuho raised its target price for the stock from $265 to $280 and maintained an “outperforming market” rating. Dreamforce is Saifushi's annual flagship conference to launch products, announce collaborations, and showcase customer landing stories. This year's conference will run from September 15 to September 17, and will be held in San Francisco. Mizuho highlighted SEFTSE's launch of a number of new interfaces to help customers get more value from existing deployments, and said the company's 2026 situation was “much better” than 2025.

This is the second time in three weeks that Mizuho has raised its target price. The bank just raised its target price from $250 to $265 on August 27. The analyst is Gregg Moskowitz. Based on the closing price of $255.65 on September 15, the new target price of $280 implied an upward margin of about 9.5%, which was also significantly higher than Wall Street's consensus target price.

“Let customers get more value from existing deployments”

The “new interface” that Mizuho values corresponds to the interface layer mainly promoted by SEFTSE at this year's conference. The company released AIForce on Dreamforce 2026 — bringing CRM data, workflow, business logic, permissions and governance to existing interfaces such as Claude, Slack, and Lightning. Employees can query records, update data, and trigger processes without opening the traditional Saifu application interface; the company emphasized that related requests still follow the original permissions and business rules.

The launch included several specific components: Claudeforce connected Safrus to Anthropic's Claude through a pre-configured MCP server and 37 sales skills; Slackforce brought an interactive Seflex interface into Slack; and Agentforce Coworker provided AI colleagues within the Lightning interface. Saifushi said Coworker had 100,000 active users within 35 days of launch.

The explanation for this set of ideas is that instead of requiring customers to rebuild systems, it is better to embed AI into the interface and data that customers are already using — this echoes Mizuho's statement of “helping customers get more value from existing deployments.”

What else was released on Dreamforce

Koa: Safez's first customer relationship management (CRM) inference model for Agentforce, built on Nvidia's Nemotron technology, using synthetic scenario training using nearly 30 years of CRM knowledge modeling, to handle complex, multi-step enterprise workflows. Koa was trained after Nvidia's open source weighting model Nemotron 3 Super (120 billion parameters). The method is supervised and fine-tuned plus GRPO reinforcement learning, and the training does not use customer data; it is currently only open to a small range of Agentforce pilot customers. It is expected to be officially available in the US region in the winter of 2026. It still lags behind GPT-5.5 and Claude Opus 4.8 in terms of disclosure standards, which is a “specialized” rather than a “cutting-edge” approach.

Expanded use of Live Nation: Saifushi and Live Nation Entertainment (LYV.US) previously announced that the latter will expand Agentforce's application at venues across the US. The deployment builds on Melody, the guide agent at the previous BottleRock Napa Valley music festival, and provides venue-specific Q&A at multiple locations through a single “Venue Agent” (Venue Agent).

Expanding Google Cloud Cooperation: The cooperation between the two sides has been further expanded, so that SAFTSE and Google's agents can reason and perform operations based on shared data without customized integration. At the same time, Seflex is also deepening cooperation with Amazon Web Technology (AWS) — connecting Safrus data to Amazon Q, bringing AWS AI agents to Slack, Agentforce customers can use Anthropic and Nvidia's basic models through Amazon Bedrock, and plans to expand to OpenAI soon; Google Cloud is launching Hyperforce on Google Cloud, which is scheduled to begin in the fourth quarter of 2026 Relocated some US customers to Google Cloud infrastructure.

The scale of the conference and the foundation: This year's Dreamforce was held at the Moscone Convention Center in San Francisco, including more than 1,600 sub-forums, more than 50 product and vision keynote speeches, more than 150 practical training and demonstrations, and more than 240 community round tables; it is expected that more than 40,000 people will attend, and more than 200,000 people will register online. On September 11, before the conference, the company first released seven “job-ready” Agentforce agents divided by job and launched “Trusted Enterprise AI Harness”, a parallel governance layer for multiple agents; the company said Agentforce and Slack delivered a total of 7 billion “smart work units,” of which 3.2 billion were contributed in the previous quarter; Agentforce's annualized recurring revenue (ARR) reached 1.5 billion US dollars, an increase over the previous year 240%

Global outages on the same day

What coincided with the popularity of the conference was a global service outage. According to reports, Safez is still dealing with a persistent failure affecting its core service (Core Service) on Wednesday. The company said that customers in multiple regions may experience severe delays, intermittent errors, or are unable to access some services, and is investigating issues and testing fixes before deployment.

The failure began at around 3:50 EST on September 16, and affected hundreds of cases in the US, Japan, India, the United Kingdom, France, Germany, etc. The company's initial judgment was that customer requests stalled while waiting for an internal login service response, taking up available server resources; it was further explained that the load on core system components had increased, reducing its ability to process customer requests. The failure also affected the creation of support tickets, and some customers were unable to submit new work orders through the help portal. The company first tried rolling out a single affected instance, then clearly abandoned restarting as the repair path, and instead promoted it to all affected instance regions after verifying the repair plan for a single instance; after about three hours, the repair was being rolled out in full, customer service began to resume, and the company also began permanent repair at the code level.

The timing was quite awkward: Dreamforce was only entering the second day when the failure occurred. Safrus was scheduled to hold a special session with investors and analysts on the same day to introduce its latest innovations and financial framework.

Fundamentals: Benioff fights back against “SaaS doomsday theory”

SAFTSE's revenue for the last fiscal quarter (FY27 second fiscal quarter) was $11.35 billion, up 11% year over year, adjusted earnings per share of $5.90, up 104% year over year, all higher than market expectations; the company then raised the 2027 revenue guidance to $46.1 billion to $46.4 billion.

CEO Marc Benioff (Marc Benioff) said in the opening keynote address of Dreamforce 2026 that the company will enter the $50 billion annual revenue range next year and counter the “SaaS (SaaS) doomsday theory” of nearly half a year ago: “The end of SaaS is not the end of software, but probably the end of software that makes humans do everything.” He also said that the company's customer churn rate is the lowest in history and the contract period is the longest in history — but the company's latest financial report only describes in general terms that the turnover rate is close to an all-time low, that the contract period for various customer groups is lengthening, and no specific figures have been disclosed.

Capital returns are as intense as mergers and acquisitions: the company invested a record $27.1 billion in repurchases in the most recent quarter and paid a quarterly dividend of $0.44 per share; the acquisition of the customer intelligence platform Fin was completed on September 10, after some people familiar with the matter claimed that the company had negotiated the acquisition of Listen Labs for about $2 billion (the news was unconfirmed, and no transaction announced).