Salesforce AI Day Unveils Brand-New AI Cloud, With Einstein GPT Trust Layer
Key takeaways
- Salesforce unveiled its new AI Cloud product, with a focus on data privacy for enterprise clients
- It also confirmed it was doubling its generative AI investment fund
- Salesforce’s share price is down over 2% on Tuesday as the company struggles to recover from its earnings call
Salesforce, which owns popular messaging service Slack and data analysis software company Tableau, made further strides into the generative AI space this week with its newly announced AI Cloud product. The service, which was the headline news at Salesforce’s AI Day, still failed to impress investors.
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What happened at the Salesforce AI Day?
Salesforce unveiled its latest generative AI product, AI Cloud, for the company’s own suite of products and for other companies to purchase. AI Cloud will include access to Slack, Tableau and its new Einstein GPT service in one neat package that enterprises can rely on to combat hallucinations and protect customer data.
The AI Cloud service will also host AI software from the likes of Amazon Web Services, Anthropic and Cohere. At the event Salesforce’s CEO, Marc Benioff, said “AI is reshaping our world and transforming business in ways we never imagined, and every company needs to become AI-first”.
The company also revealed that its venture capital fund for generative AI start-ups would be doubling its investment to $500 million to attract new talent in the sector.
Salesforce has made some big moves so far in the generative AI space. Its subsidiary, messaging platform Slack, launched Slack GPT in May, while Salesforce’s Einstein GPT was first unveiled in March.
What was the market reaction?
Salesforce’s share price saw a 3% rise on Friday ahead of the event but is down over 2% on Tuesday as the company struggles to convince Wall Street all is well with its sales outlook. In its earnings call a few weeks ago, the company warned deals were taking longer to close as customers had become more cautious with spending, prompting a share price plunge.
Salesforce has struggled to rebound since then, but the share price still remains up 55% since the start of the year given its focus on cost-cutting and boosting its AI capabilities.
The bottom line
Salesforce might have hoped for a better reaction from investors with its new flagship product, but the focus on customer data privacy puts the company in good stead should AI regulation come into play soon. Investors will have to wait and see whether the new offering provides a welcome turnaround in sales for the company.
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