September 4, 2025 · 24-Hour AI Briefing: Salesforce Earnings, Credo’s Data Center Surge, Figma’s Stock Plunge
In the past 24 hours, the AI and tech sector has been shaped by a mix of earnings shocks: SaaS giant Salesforce reported slowing growth but stronger-than-expected profitability, interconnect leader Credo delivered explosive results fueled by AI data center demand, while design platform Figma faced a sharp stock decline after missing Wall Street expectations. Here are the highlights and commentary.
Salesforce: Strong Profitability, Slowing Core Growth
Salesforce posted mixed results this quarter. For fiscal Q2 2026, total revenue reached $10.24 billion, up 9.8% year-over-year. Adjusted EPS came in at $2.91, a 13.7% increase and above analyst expectations of $2.78. Meanwhile, Data Cloud and Agentforce each generated over $1 billion in annual recurring revenue in their first quarter, surging more than 120%.
Commentary: While revenue growth of 9.8% falls short of Salesforce’s historical 20%+ pace, highlighting a maturing CRM core market, profitability tells a different story. Beating EPS estimates suggests Salesforce is effectively managing costs and improving operational efficiency, resulting in healthier margins. The triple-digit growth in Data Cloud and Agentforce underscores the divergence between Salesforce’s new AI-driven units and its slowing legacy CRM business. However, AI-driven disruption remains a looming challenge for its traditional CRM model.
Credo: Building the “Nervous System” of AI Data Centers
Credo delivered an exceptional quarter, with revenue soaring 274% year-over-year to $223.1 million, beating consensus estimates of $190.6 million. Adjusted EPS of $0.52 also exceeded expectations.
Commentary: Credo’s breakout growth stems from deep partnerships with hyperscale data center operators and top-tier clients. Its core Active Electrical Cable (AEC) business now commands a 73% market share, positioning the company as a critical enabler of AI data center interconnects. With the rise of high-GPU-density servers such as NVIDIA’s GB200 NVL72, demand for AECs is expected to surge. Credo is evolving beyond being just a chip or optics supplier—it is effectively building the “nervous system” of modern AI infrastructure.
Figma: High Growth, But Market Disappointment
Figma reported Q2 revenue of $249.6 million, up 41% year-over-year, but slightly below Wall Street’s expectation of $250 million. Shares tumbled more than 14% in after-hours trading. Under GAAP, the company posted a net profit of about $846,000. Figma now has 1,119 customers generating more than $100,000 in annual recurring revenue.
Commentary: For a high-valuation company like Figma, investors expect consistent outperformance—not just growth. This quarter’s guidance only slightly exceeded consensus, falling short of market hopes. GAAP profitability remains razor-thin, underscoring the need for stronger cost discipline and a clearer path to sustainable profits. The company’s ability to transition from growth-at-all-costs to scalable profitability will be key to investor confidence.
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