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Montaka's Spotlight SeriesAuthor: Montaka Global
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Is SaaS Dead? Why Salesforce Might Be the Most Misunderstood Stock in Tech
Episode 51
Monday, 13 July, 2026
The narrative around Salesforce has been brutal: SaaS is dying, AI agents will bypass software entirely, and the seat-based model is finished. Montaka's Chief Investment Officer Andrew Macken disagrees, and he's put real numbers behind it.In this presentation from the MOI Global Wide-Moat Investing Summit, Andy breaks down why Salesforce's real advantage was never the software itself. It's the trusted, secure distribution into 150,000+ enterprise customers, the 250+ petabytes of proprietary data, and the scale of R&D that competitors can't replicate. As agentic AI adoption accelerates, he argues these advantages get stronger, not weaker. To access the slides used in the presentation, please click here.What you'll learn:0:00 Introduction0:46 The SaaS death debate1:40 Salesforce's 25-year track record2:39 Four themes for this presentation3:34 The "SaaSpocalypse" narrative4:46 What the market is currently pricing in6:55 The enterprise deployability problem7:10 Six risks enterprises must manage before deploying AI agents9:42 How Salesforce embeds agents into existing workflows10:37 Headless access and the platform shift11:11 Salesforce's three real moats: data, distribution, scale12:24 Why token economics matter more than model quality12:41 Corporate token budgets under scrutiny12:54 Why agentic workloads are hundreds of times more compute-intensive13:54 The US power bottleneck problem15:28 Where AI models get commoditized, and where they don't17:17 Real customer ROI data18:39 Agentic Work Units are going parabolic19:08 Why revenue growth still looks sluggish21:18 The earnings power case25:10 A shift in market sentimentIf you'd like to go deeper on Montaka's thinking, visit the Insights section at montaka.com.Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.#Tech #Stocks #SaaS #Salesforce #GlobalEquities
