Agentic AI Skepticism: Apple and Salesforce Face a Common Issue Alex Sirois Wed, October 14, 2026 at 10:45 AM EDT 4 min read AAPL +1.44% CRM -1.38% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
iPhone 17 drove Apple's 16% revenue growth, but Salesforce's 240% Agentforce ARR surge hasn't translated into operating income gains for either company.
Apple trades at 45x earnings versus Salesforce's 26x, making Salesforce the better pick for patient investors if Agentforce bookings push subscription growth past 12%.
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Apple (NASDAQ:AAPL) 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%.
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.
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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.
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.
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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