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Here’s How Salesforce (CRM) Benefited From Generative AI

Harding Loevner, an asset management company, released its “Global Equity Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy returned 8.02% net of fees compared to a 6.35% return for the MSCI All Country World Index and 7% for the MSCI World Index. Slowing inflation and a surge in optimism about the potential of AI boosted global equity markets. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Harding Loevner Global Equity Strategy highlighted stocks like Salesforce, Inc. (NYSE:CRM) in the second quarter 2023 investor letter. Headquartered in San Francisco, California, Salesforce, Inc. (NYSE:CRM) designs and develops cloud-based software for customer relationship management. On September 21, 2023, Salesforce, Inc. (NYSE:CRM) stock closed at $208.61 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was -0.41%, and its shares gained 41.90% of their value over the last 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $202.978 billion.

Harding Loevner Global Equity Strategy made the following comment about Salesforce, Inc. (NYSE:CRM) in its Q2 2023 investor letter:

"Salesforce, Inc. (NYSE:CRM), a company we've owned since 2019, recently added ChatGPT-like capabilities onto its existing Al module, Einstein, to support its internal sales efforts and customer-facing software. For example, Einstein GPT can help generate marketing emails tailored to specific clients by using Salesforce's customer database and past email correspondence to learn the most effective approach for each client. Einstein GPT is also different from off-the-shelf LLMS in three important ways: It keeps personal identifiable information private and secure, compared with external tools that retain anything a user enters. It employs the latest data in Salesforce's system, as opposed to the sometimes-stale public data that train generic models. And generative Al capabilities can be integrated with other Salesforce offerings; the company has already introduced Slack GPT and Tableau GPT, Al-equipped versions of its workplace collaboration and analytics tools."

Copyright: drserg / 123RF Stock Photo

Salesforce, Inc. (NYSE:CRM) is 11th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 122 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of second quarter which was 136 in the previous quarter.

We discussed Salesforce, Inc. (NYSE:CRM) in another article and shared the list of best advertisement technology stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.


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Disclosure: None. This article is originally published at Insider Monkey.