Agentic AI Skepticism: Apple and Salesforce Face a Common Issue

Apple and Salesforce both crushed earnings estimates, but investors keep asking the same uncomfortable question about whether agentic AI can actually move the needle on profit. The answer depends on a holiday iPhone cycle and a stubborn Salesforce upgrade gap…

Published October 14, 2026, 10:45am ET · 3 min read

A high-contrast photo showing dark silhouettes of a person and a small robot against a bright, reflective glass building. The person, seated on a stool, is looking down and pointing towards the robot, which has two glowing white eyes. The background building is modern and curved, reflecting bright, hazy sunlight with lens flares.
The silhouette of a person interacting with a robot against a modern cityscape symbolizes the intricate relationship between human decision-making and artificial intelligence. Investors are carefully considering how agentic AI will translate into durable earnings and future growth for tech companies. © Zapp2Photo / Shutterstock.com

Apple (NASDAQ:AAPL | AAPL Price Prediction) and Salesforce (NYSE:CRM) both beat expectations in their latest reports. Investors still ask both the same question: can agentic AI deliver durable earnings? Apple matched a record June quarter with an all-new Siri AI that has no price tag yet. Salesforce showed rapid Agentforce growth, but the overall business grew only about 11%.

iPhone 17 Carries Apple While Agentforce Carries Salesforce’s Narrative

Apple’s fiscal Q3 revenue rose 16.4% to $109.42 billion, and iPhone revenue climbed 22% on the iPhone 17 family. Tariff refunds added about 11 cents to EPS of $2.02. That boost is one-time and makes the quarter look better than the underlying business. On AI, Apple admitted it has not finalized its plan for monetizing Siri AI compute costs and mentioned iCloud Plus upgrades as one possible path.

At Salesforce, Agentforce ARR exceeded $1.5 billion, up more than 240%. Total revenue grew just 10.8%, and operating income came in flat year over year. That gap is what feeds the doubt. Non-GAAP EPS of $5.90 also included $2.53 per share from investment gains, so the size of the beat tells us very little about AI.

Business Driver Apple Salesforce
Growth Engine iPhone 17 upgrades Agentforce and Data 360
AI Pricing Open, possible iCloud Plus levels Seats, consumption, outcomes
Key Drag Memory costs, chip supply Flat operating income

Apple Sells the Device While Salesforce Sells the Data Layer

Apple’s AI pitch rests on privacy and its own chips. Siri AI splits requests between on-device models and Private Cloud Compute, and management pitched Mac Mini as a platform for agentic AI. The obstacles are supply and regulation. Apple called memory pricing a “100-year flood,” and the full Siri AI experience has not launched in the European Union.

Marc Benioff argued that “Frontier models depend on CRM.” Salesforce is combining Anthropic’s Claude with its own data in CloudForce and selling premium editions. Only 5% of its sales and service users have upgraded to those editions, which cost 60% to 80% more. Plenty of upside remains, but only if customers agree to pay up.

Holiday iPhones and Premium Upgrades Will Settle the Debate

Apple guided for September-quarter revenue growth of 9% to 11% and warned that supply constraints will get worse. I will be watching whether Siri AI drives holiday upgrades, a question Apple did not provide a definitive view on. Salesforce guided for Q3 revenue of $11.42 billion to $11.50 billion. You should keep an eye on whether Agentforce bookings selling subscription growth past the slightly above 12% pace expected for the year.

Why I Lean Toward Apple for Durability and Salesforce for Upside

Investors have already taken sides. Apple is up 25.88% year to date, while Salesforce is down 9.52%. Apple trades near 45 times earnings, compared with roughly 26 for Salesforce.

To me, Siri AI is a bonus on top of an iPhone cycle that is already working. I pay a high multiple for that bonus, though, and rising memory costs could pressure margins. Salesforce suits a patient investor who believes AI revenue will eventually show up in operating income. The $25 billion accelerated buyback props up per-share results, and that makes me cautious. If operating income starts rising along with Agentforce, I would switch my preference to Salesforce.

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Alex Sirois

Alex Sirois is a financial writer with experience spanning both retail and institutional investing. He has written for InvestorPlace and held roles at BNY Mellon and Bernstein, giving him a perspective that bridges Main Street portfolios and Wall Street analysis.
Alex holds an MBA from George Washington University and has built his career across multiple industries, including e-commerce, education, and translation — a breadth of experience that informs how he breaks down complex financial topics for everyday investors. His writing is conversational, actionable, and grounded in long-term, buy-and-hold investing principles.
At 247 Wall St., Alex focuses on delivering analysis that is both accessible and useful, with a clear emphasis on helping readers make more informed decisions with their money.

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