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Salesforce CEO Marc Benioff's message to companies interested in generative AI is clear: the technology can't be trusted yet. Benioff spent much of the conference issuing ominous warnings about the perils of generative AI while simultaneously touting his own company's new technology as ethical and secure. "We're not scraping the Internet with our models, if that's your question," Benioff told me Wednesday afternoon. Salesforce has "an open philosophy" regarding the development of large language models (LLMs), Benioff said, building some on top of pre-existing models and building others from scratch. Baxter said that Salesforce only uses customer data with consent and performs legal reviews before using any open-source data for AI model training.
Persons: Marc Benioff's, Benioff, Sam Altman —, else's, Salesforce, it's, Kathy Baxter, Baxter Organizations: Yerba Buena Center, Arts, Apex, Time Magazine, Media Locations: San Francisco
Ukraine's air force has been able to keep operating by spreading out its jets among different bases. Russia has struggled to catch up to that dispersal, the top US Air Force general in Europe says. That success underscores the US Air Force's need to be able to distribute its jets and crews. Russia began the war with a larger and more advanced air force, including better radars and longer-range missiles. US Air Force crew chiefs perform a "communications out" launch of an F-16 during an exercise in Lithuania in August.
Persons: James Hecker, they've, Hecker, Danil, " Hecker, OLEKSII FILIPPOV, Justin Bronk, Bronk, Dara Massicot, Massicot, Stephanie Longoria Organizations: US Air Force, Service, US Air Forces, Air and Space Forces Association, Washington DC, Getty, Britain's Royal United Services Institute, Ukraine, Carnegie Endowment, International, Russian BDA, Air Force, Tech Locations: Russia, Europe, Wall, Silicon, Washington, Ukraine, Kyiv, Russian, Lviv, AFP, Moscow, Lithuania, Latvia, Finland
Salesforce will look to hire around 3,000 new employees, CEO Marc Benioff told Bloomberg this week. The company announced plans to lay off 10% of its staff earlier this year in a major cost-cutting effort. Benioff is now urging former staff who joined other firms to return to the company. Millham told Bloomberg: "We have some very successful parts of our business right now, and we want a surge in those areas." Benioff told Bloomberg that he is hoping to attract significant numbers of "boomerangs" — employees who previously worked at Salesforce and moved to other firms — to return to the company in the new hiring drive.
Persons: Marc Benioff, Brian Millham, Millham, Ashley Stewart, Benioff Organizations: Bloomberg, Service, Bloomberg News, Employees Locations: Wall, Silicon, San Francisco, Salesforce
A new partnership between Microsoft (MSFT) and Oracle (ORCL) has the potential to benefit both Club holdings in the competitive cloud-computing landscape. Oracle, a database pioneer with more than 40 years of history operating in the market, had existing offerings geared toward Azure customers . Wall Street analysts were generally upbeat on the implications for Microsoft and Oracle, which joined the Club's portfolio a month ago. Analysts at Bernstein downplayed concerns that the deeper partnership with Microsoft will hurt Oracle's fast-growing cloud-computing service, known as Oracle Cloud Infrastructure. "This partnership also lowers the potential risk of Microsoft trying to target Oracle database customers to move off Oracle.
Persons: , Satya Nadella, Larry Ellison, Bernstein, prem workloads, Ellison, Oracle's, Salesforce, Brian Millham, Marc Benioff, Will Cathcart, there's, Mark Zuckerberg, Jim Cramer, WhatsApp, Susan Li, Jim Cramer's, Jim, Justin Sullivan Organizations: Microsoft, Oracle, Oracle Autonomous Database, Wall Street, Barclays, Deutsche Bank, Web Services, Oracle Cloud Infrastructure, Companies, Bloomberg, Financial Times, Meta Platforms, Meta, Facebook, CNBC Locations: Salesforce, San Francisco, Redwood Shores , California
Salesforce CEO Marc Benioff told CNBC's Jim Cramer on Tuesday that its messaging program Slack will not only have its own AI, but will be used by some of the biggest names in artificial intelligence. "The big news is Slack is really starting to wake up with its own AI," Benioff said. "If you go talk to any of these great, new AI companies," Benioff continued, listing OpenAI, Cohere and Anthropic, "They are all Slack first companies, they all built their product with Slack." He stressed that while the program is learning from customers' data, it is protecting that data with a "trust layer." "Einstein will do a trillion transactions for our customers this week in AI, but we never look at the customers' data."
Persons: Marc Benioff, CNBC's Jim Cramer, Slack, Benioff, Einstein Organizations: Slack
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Marc Benioff, We'll, Meta, Jim Cramer's, Jim Organizations: CNBC, Nasdaq, Apple, Google, UAW, Meta, Wall Street, Nvidia, Microsoft, Oracle, Citi, Oracle Cloud Infrastructure, Deutsche Bank Locations: China, San Francisco
Larry Ellison, Oracle's chairman and technology chief, speaks at the Oracle OpenWorld conference in San Francisco on September 16, 2019. Here's how the company did:Earnings: $1.19 per share, adjusted, vs. $1.15 per share as expected by analysts, according to LSEG. Oracle's revenue grew 9% year over year in the fiscal first quarter that ended Aug. 31, according to a statement. "As of today, AI development companies have signed contracts to purchase more than $4 billion of capacity in Oracle's Gen2 Cloud. During the quarter, Oracle announced new database hardware, Micros point-of-sale workstations and artificial intelligence features in its Fusion Cloud Human Capital Management software.
Persons: Larry Ellison, LSEG, Safra, StreetAccount, Ellison, Elon Musk's, Jefferies, Brent Thill Organizations: Oracle, Cerner, Google, Microsoft, Human Capital Management Locations: San Francisco, LSEG
It was a down week for the major stock market benchmarks as rumors of an iPhone ban for government employees in China sparked concerns over increasing tensions between Washington and Beijing. Here's a full rundown of all the important domestic earnings reports and economic data in the week ahead. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: Jim Cramer, Apple —, Jim, we'll, Einstein, Stellantis, We'll, That's, Oracle's, LEN, Jim Cramer's Organizations: Apple, Dow, Nasdaq, Broadcom, DuPont, Huawei, Nvidia, Apple Watch, Vision, Club, Google, Justice Department, United Auto Workers, General Motors, Chrysler, Ford, UAW, CPI, PPI, Oracle, Oracle Cloud Infrastructure, Microsoft, Costco, Caseys, Jim Cramer's Charitable, CNBC, Apple Inc, Getty Locations: China, Washington, Beijing, U.S, People's Republic of China, San Francisco, Shanghai
CNBC's Jim Cramer told investors to prepare for several big conferences next week, including Salesforce's Dreamforce and Morgan Stanley's annual Laguna Conference. "This all matters because I think we're near the end of the Fed's tightening cycle," Cramer said. On Monday, Cramer will be watching the Barclays Annual Global Financial Services Conference where JP Morgan CEO Jamie Dimon will speak. Cramer will also be following Dreamforce, taking place in San Francisco, next week. Friday may find investors worrying about the Federal Reserve's meeting the following week, Cramer said.
Persons: CNBC's Jim Cramer, Salesforce's Dreamforce, Morgan, Cramer, we've, Jamie Dimon, he's Organizations: Laguna Conference, Barclays, Global Financial Services, United Auto Workers Locations: Laguna, San Francisco
LONDON (AP) — Five retired British police officers on Thursday admitted sending offensive and racist social media messages about Prince Harry's wife, the Duchess of Sussex, and others. The charges say messages posted in a closed WhatsApp group referred to Harry and wife Meghan, as well as Prince William and his wife, Kate, and the late Queen Elizabeth II and her late husband, Prince Philip. Robert Lewis, Peter Booth, Anthony Elsom, Alan Hall and Trevor Lewton pleaded guilty at London’s Westminster Magistrates’ Court to sending by public communication grossly offensive racist messages. The biracial American actress Meghan Markle married Prince Harry, the queen's grandson, at Windsor Castle in 2018. In early 2020, they stepped away from royal duties and left the U.K., citing what they said were the unbearable intrusions and racist attitudes of the British media.
Persons: Prince Harry's, Duchess of Sussex, Harry, Meghan, Prince William, Kate, Queen Elizabeth II, Prince Philip, Rishi Sunak, Priti Patel, Sajid Javid, Robert Lewis, Peter Booth, Anthony Elsom, Alan Hall, Trevor Lewton, Michael Chadwell, Meghan Markle, Prince Harry Organizations: BBC, London’s Westminster, London’s Metropolitan Police, Windsor Castle Locations: London’s, American, Windsor
Ukraine's air force has remained operational in the face of ongoing Russian attacks. US Air Force/Airman 1st Class Albert MorelLike other Air Force commands, US Air Forces Europe regularly conducts ACE exercises. AdvertisementAdvertisementThe Air Force's concern is driven by the proliferation of precision weapons that could allow an adversary to pick off valuable targets. US airmen and Finnish Air Force pilots at Rovaniemi Air Base during Astral Knight 23 Part 6 on August 23. The Pentagon's EDI budget request for 2024 includes nearly $500 million for the Air Force to improve base infrastructure and pre-positioned equipment.
Persons: James Hecker, " Hecker, Albert Morel, they've, haven't, Hecker, John Lamontagne, Albert Morel Running, Capt, Quincy Watts, Watts, we're Organizations: Air, Service, Russian, US Air, US Air Forces Europe, Defense Writers, Astral, US Air Force, Air Force, Rovaniemi Air Base, NATO, US Air Force KC, Kallax Air Base, Finnish Air Force, Air Base Locations: Wall, Silicon, Ukrainian, Russian, Ukraine, Rovaniemi, Finland, Europe, Lithuania, Sweden, Baltic, Latvia, Italy, Aviano, China, Estonia
The US and Chinese air forces are both thinking about how they'd try to control the air in a war. "It will be a struggle back and forth for air superiority," added Hinote, whose last position was as the Air Force's chief futurist. The most comprehensive is air supremacy, which the US Air Force defines as when "the opposing force is incapable of effective interference within the operational area using air and missile threats." The next level is air superiority, which the Air Force defines as "control of the air by one force that permits the conduct of its operations at a given time and place without prohibitive interference from air and missile threats." AdvertisementAdvertisementUS Army Air Force B-17s bomb an aircraft factory in eastern Germany during World War II.
Persons: they'd, Clinton Hinote, Carlin Leslie, Giulio Douhet, Douhet, Zhou Guoqiang, Derek Solen, Solen, Yu Hongchun, Hinote, haven't, Michael Peck Organizations: Service, US Air Force, Aviation, Air, Air Force KC, Atlantic, Staff, American, Air Force, North, Army Air Force, Getty, Zhuhai Air Show Center, China's Air Force Command, military's, PLA, US Air, China Aerospace Studies, Jamestown Foundation, Defense, Foreign Policy, Twitter, LinkedIn Locations: Wall, Silicon, China, Iraq, Afghanistan, Normandy, Vietnam, Germany, Japan, North Vietnam, Ukraine, Soviet, Taiwan, Guangdong, Xinhua, America, Forbes
CEO Marc Benioff says he's got no plans for another big round of cuts and hopes layoffs are done. So on this week's call, Benioff took time to thank and wax poetic on all the former Salesforce employees who returned to work at the company during its turnaround effort. Former chief business officer Ebony Beckwith, a longtime executive who led the company's philanthropic foundation, quietly exited Salesforce in June. "We're ramping up hiring for critical roles," a spokesperson for Salesforce wrote to Insider via email when asked for clarification on Benioff's comments. At the same time, if former and current Salesforce employees are feeling whiplashed — told to leave and then told to come back — it's because the message coming from the top is mixed.
Persons: Marc Benioff, he's, Salesforce, Benioff, we've, It's, Ariel Kelman, Benioff's, Bret Taylor, Slack, Stewart Butterfield, Mark Nelson, Brent Hyder, Ebony Beckwith, Salespeople, Karl Keirstad, we're, whiplashed —, Ellen Thomas Organizations: Oracle, UBS, ethomas Locations: Salesforce
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSalesforce's AI goals more of a '24 story than this year, says Jefferies' Brent ThillBrent Thill, Jefferies equities research analyst, joins 'Squawk on the Street' to discuss how impressive Salesforce's margin guidance was, the changes in the macroeconomy that could help Salesforce's revenue acceleration, and more.
Persons: Jefferies, Brent Thill Brent Thill Organizations: Jefferies
"This quarter puts Salesforce in a league of its own and isn't being appreciated nearly enough at these prices," Jim says. CRM YTD mountain Salesforce's year-to-date stock performance. That is likely why Salesforce stock traded at a valuation "well below" its peers, Smith argued at the time. For context, here's the full list of Salesforce peers included Starboard's presentation: Club holding Microsoft 's (MSFT) productivity and business processes segment, Adobe, Club holding Oracle (ORCL), Intuit (INTU), ServiceNow, Workday and SAP (SAP). Importantly, that $265 target is strictly the result of applying current average peer valuation to Salesforce's current growth/profit mix.
Persons: Marc Benioff, Jim Cramer, Jim, Salesforce, Jeff Smith —, Smith, Salesforce's, , it's, Jim Cramer's, Patrick T Organizations: , Club, ServiceNow, Adobe, Microsoft, Oracle, Intuit, SAP, CRM, CNBC, Salesforce.com Inc, Global Technology, Fallon, Bloomberg, Getty Locations: That's, TurboTax, Salesforce's, Laguna Beach , California, U.S
CNBC Daily Open: Fewer jobs, higher stocks
  + stars: | 2023-08-31 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Big bond losses for BoEThe Bank of England is facing heavy losses on its bond purchases, according to Deutsche Bank. The losses are largely because of rapidly rising interest rates, which drive up bond yields and, conversely, push down bond prices. Investors are hoping the ruling will open the floodgates to bitcoin ETFs from companies like BlackRock, Fidelity and Invesco.
Persons: downwardly, BoE, Salesforce, it's Organizations: CNBC, ADP, BoE The Bank of England, Deutsche Bank, Treasury, Securities and Exchange Commission, Investors, Fidelity Locations: U.S, Europe, Germany, BlackRock
Salesforce 's latest earnings have Goldman Sachs even more excited for the tech stock's future. A day earlier, Salesforce reported fiscal second-quarter earnings and revenue that beat expectations , while also issuing better-than-forecasted guidance for the current quarter. Goldman Sachs analyst Kash Rangan raised his price target on Salesforce by $15 to $340 per share, implying upside of 58.1%. His price target would mark a continuation of this year's rally, with the stock already up more than 62% in 2023. "Salesforce delivered strong results, even despite the negative investor sentiment heading into the print," he said.
Persons: Salesforce, Goldman Sachs, Kash Rangan, Rangan, couldn't, Brad Sills, Brad Zelnick, Lenschow, — CNBC's Michael Bloom Organizations: Microsoft, Adobe, Intuit, Autodesk, of America, Deutsche Bank Locations: CY24, reaccelerating
Already, consultants see Salesforce customers scrambling to address these price hikes. Jon Winsett, CEO and managing partner at Atlanta-based IT spending advisory NPI Financial, said his firm immediately alerted all its clients to the price increase news. "We were working with one of our accounts right as the price increase was announced, and they were gobsmacked," Winsett said. Customer relationship management software company HubSpot uses customer self-service to sell its software — a stark contrast from Salesforce's sales-driven culture. You don't need a full-time Salesforce admin when you're a HubSpot customer.
Persons: Salesforce, Marc Benioff, Adam Mansfield, — they're, HubSpot, Bernstein, Mark Moerdler, Moerdler, Jon Winsett, Winsett, Microsoft Mansfield, Mansfield, Satya Nadella Justin Sullivan, OpenAI, I've, we're, you've, that's, Yamini Rangan, HubSpot Matt Winkelmeyer, Rishi Jaluria, he'd, Jaluria Organizations: Wall Street, Microsoft, Cloud, Industries, Management, RBC Capital, Salesforce Locations: Salesforce, Atlanta, ChatGPT
Here's how the company did:Earnings: $2.12 per share, adjusted, vs. $1.90 per share as expected by analysts, according to Refinitiv. $2.12 per share, adjusted, vs. $1.90 per share as expected by analysts, according to Refinitiv. For the current quarter, Salesforce called for $2.05 to $2.06 in adjusted earnings per share on $8.7 billion to $8.72 billion in revenue. Analysts polled by Refinitiv had expected adjusted earnings of $1.83 per share and $8.66 billion in sales. It now sees $8.04 to $8.06 in adjusted earnings per share on $34.7 billion to $34.8 billion in revenue, implying 11% revenue growth.
Persons: Marc Benioff, Salesforce, Amy Weaver, Weaver, Refinitiv Organizations: Allen & Company Sun Valley Locations: Sun Valley , Idaho, Refinitiv, U.S
Non-GAAP earnings-per-share (EPS) of $2.12 grew 78% from last year and beat the $1.90-per-share EPS predicted by analysts, Refinitiv data showed. While the solid margin beat and upside to earnings are similar to what Salesforce reported back in May, one key difference this time was the increased revenue outlook. It now expects to hit $34.7 billion to $34.8 billion, up from $34.5 billion to $34.7 billion. Salesforce raised its GAAP EPS range to $3.50 to $3.52, up from $2.67 to $2.69, and non-GAAP EPS range to $8.04 to $8.06, up from $7.41 to $7.43. Salesforce also expects its cPRO to grow slightly above 11% from last year and that's slightly better than estimates of 10.8% growth.
Persons: Refinitiv ., Salesforce, Marc Benioff, Brian Millham, Jim Cramer's, Jim Cramer, Jim, Fabrice Coffrini Organizations: Revenue, CNBC, Economic, Afp, Getty Locations: Salesforce, Americas, Europe, Africa, Asia, Davos, Switzerland
The death of Andriy Pilshchykov, 30, a poster boy for Ukraine's air force who lobbied Western governments for supplies of F-16 fighter jets, was a bitter blow for Ukraine's military as it battles Russia. The air force spokesperson described him as a "mega-talent". Standing beside her were his mother and a young man in an air force pilot's jumpsuit who held up a photo of him, his head bowed. [1/6]Ukrainian servicemen attend a wake ceremony of Ukrainian military pilot Andriy Pilshchykov, who was killed on Friday when two L-39 combat training aircraft collided over a region west of Kyiv, in Kyiv, Ukraine, August 29, 2023. Since Russia's 2022 invasion, he had travelled to the U.S. in a delegation seeking supplies of F-16 fighter jets.
Persons: Andriy Pilshchykov, Natalia Menesheva, Young, ashen, Pilshchykov, Gleb Garanich, JETS Pilshchykov, Volodymyr Zelenskiy, , Yulia Reshitko, Pilshchykov's, Militarnyi, Ivan Lyubysh, Sergiy, Tom Balmforth, Timothy Heritage, Philippa Fletcher Organizations: Catholic, REUTERS, JETS, U.S, Reuters, MiG, NATO, Thomson Locations: Western, Russia, Kyiv's, Kyiv, Ukraine, California
The earnings from Salesforce and Broadcom follow a rough patch for technology stocks that began in mid-July. .SPX AVGO,CRM 3M mountain The S & P 500's performance versus Broadcom and Salesforce over the past three months. Salesforce For the three months ended July 31, Wall Street expects Salesforce's revenue to jump more than 10% year-over-year, to $8.53 billion, according to Refinitiv. Broadcom's AI exposure currently falls into two primary buckets. While Broadcom's AI networking business is no doubt fast-growing, Vinh noted there are headwinds within other pockets of its wide-ranging semiconductor business, such as traditional enterprise networking and broadband.
Persons: Wednesday's, SPX, Scott Berg, Berg, Wells Fargo, , Salesforce, Needham's Berg, Hock Tan, Bard chatbot, John Vinh, Bard, Vinh, Jim Cramer's, Jim Cramer, Jim, Mike Blake Organizations: Club, Broadcom, Wall, Needham &, CNBC, Salesforce, Google, Jericho, UBS Locations: Irvine , California
South Korean Navy's destroyer Yulgok Yi I, , U.S. Navy's USS Benfold and Japan Maritime Self-Defense Force's JS Atago sail in formation during a joint naval exercise in international waters on April 17, 2023 at an undisclosed location. SEOUL — The United States, South Korea and Japan staged joint naval missile defense drills off the Korean Peninsula on Tuesday, as North Korea accused Washington and its allies of creating "the most unstable waters with the danger of a nuclear war." The three nations staged exercises in international waters off South Korea's southern Jeju island to improve their ability to detect and track targets, and share information in the event of provocation by Pyongyang, South Korea's military said. The drills come as North Korean leader Kim Jong Un has called for "radically" modernizing the weapons and equipment of its naval forces, criticizing an increased presence of U.S. strategic assets in the region. In a speech to mark Navy Day, Kim said the "gang bosses" of the United States, Japan and South Korea announced regular joint military exercises, news agency KCNA reported, apparently referring to their Aug. 18 summit at Camp David, Maryland.
Persons: Yulgok Yi I, Force's, Kim Jong, Kim, KCNA Organizations: Japan, Self, Atago, South Korea Locations: Korean, U.S, Benfold, SEOUL, United States, South Korea, Japan, North Korea, Washington, Jeju, Pyongyang, South, Camp David , Maryland
J.P. Morgan is removing Salesforce from its list of top stock picks after the stock's AI-driven boom so far this year. He pointed to sequential degradation in the company's software-as-a-service earnings and muted second-quarter bookings expectations, based on a proprietary vendor survey by J.P. Morgan. Salesforce's stock price has skyrocketed this year, gaining nearly 60%. Analysts surveyed by FactSet are calling for earnings per share of $1.90 and revenue of $8.53 billion when the company reports quarterly figures Wednesday. Correction: This story has been updated to reflect that Salesforce's guidance suggests its revenue will range between $8.51 billion and $8.53 billion.
Persons: Morgan, Mark Murphy, Murphy, Salesforce, — CNBC's Michael Bloom Organizations: Dow Jones Industrial, Morgan, Oracle, Microsoft Locations: Morgan, Monday's, Tuesday's
The Air Force has requested $5.8 billion in its budget to create AI-driven XQ-58A Valkyrie aircraft. The autonomous crafts are ideal for completing suicide missions and protecting pilots, the Air Force says. Human rights advocates say letting technology take lives crosses a moral boundary. The Times reported each Valkyrie will cost between $3 million and $25 million — far less than a manned pilot jet. Air Force and Department of Defense representatives did not immediately respond to Insider's request for comment.
Persons: , Mary Wareham, António Guterres Organizations: Air Force, Service, Force, New York Times, Times, The Times, Department of Defense, Human Rights Watch, Life Institute, United Nations Locations: Wall, Silicon, of Mexico
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