Chamath says SaaS bottomed in June/July as Salesforce raises FY27 guidance
As seen on the 24/7 Wall St. homepage on August 27, 2026.
Chamath is calling the June/July software washout the bottom, using Salesforce's raised FY27 guidance of $46.1B to $46.4B as proof the AI-agent fear trade overshot.
As I mentioned previously a month or so ago on @theallinpod, the bottom was in in SaaS in June/July. Their financial results keep delivering and now valuations will snap back in turn. Models and harnesses will need tight integration with systems of record to deliver the next https://t.co/EbEvLApG7q [Quoted @Benioff]: #1 Q2 in Salesforce history. $11.3B Revenue. +11% $33.5B cRPO growth. +14% $5.90 Non-GAAP EPS. +103% $15.2B TTM Free Cash Flow. $3.9B Agentforce + Data 360 ARR. 7.0B AWUs delivered all-time. Raising FY27 guidance to $46.1–$46.4B. 3.2B AWUs in Q2 (+97% q/q) 6x growth in MCP https://t.co/dpzVdedk6C
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Chamath Palihapitiya posted on X that the SaaS sector hit its floor in June and July, a call he says he first made on the All-In Podcast roughly a month earlier. He is now pointing to Salesforce's latest earnings report as the evidence that the selloff overshot reality.
Salesforce posted what Marc Benioff called the number one Q2 in company history and raised its FY27 revenue guidance to a range of $46.1 billion to $46.4 billion, a concrete signal from management that demand is holding.
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Chamath's broader argument is that financial results have kept delivering through the AI fear trade, and that valuations will now catch up to those results. If the numbers keep coming in at this level, the compression in SaaS multiples has no fundamental justification left to stand on.
He also flagged a structural point for investors watching the AI buildout: models and what he calls harnesses will need tight integration with systems of record to unlock the next wave of value. That puts established SaaS platforms sitting on top of years of enterprise data in a stronger competitive position than the market was pricing in during the June/July lows.
Mentioned: CRM