Salesforce: the capex drag just stopped being a drag

This was the first period where incremental revenue from the new fleet exceeded incremental depreciation on it. That crossover was the whole bear case.

Daniel Okafor@daniel_okafor

Unlock the full report

The locked call and the disclosures stay visible. The research body unlocks with purchase or subscription.

Fact-checked claims stay on the record
Platform fee is shown as its own line at checkout (10%)
Call block and disclosures remain free to read

Already subscribed? Log in

Discussion · 5

Pauline VidalAUG 2

Been on the sidelines on this one. The comp table did more work for me than the narrative did. How are you thinking about the timing risk here?

Daniel OkaforAuthorJUL 31

Fair challenge. Invalidation is a close below the lock price on volume, and I should have written that into the card rather than leaving it implicit. (738)

Sam WhitfieldAUG 2

Reading this against my own model. The capital intensity point is the one I keep coming back to. What would you need to see to add rather than hold?

Marco BianchiAUG 1

Agree with the direction, less with the magnitude. Splitting volume from price is what makes this legible. Has anything in the last print changed the entry you would take?

Yael BrennerAUG 1

Reading this against my own model. The elasticity decay across the price actions is the tell. Is there a cleaner way to express this than the equity?

PositionNo position

Compensation

Certified independent

ViewsThese are the creator's own views

This is research, not financial advice. Calls lock at publish and are graded by the market; they can be and often are wrong. Do your own research and consider your own circumstances before acting.