Cramer Says the Bears Spent Months Lying About Salesforce and Nvidia. One Earnings Report Just Ended It.

Key Points:

• Jim Cramer argued that recent earnings reports dismantled the bearish cases against Salesforce and NVIDIA, which had been criticized for potential AI-driven revenue declines and competition from hyperscalers developing their own chips.
• Salesforce reported strong results with $11.35 billion revenue, $5.90 non-GAAP EPS, and a 22.69% stock increase over five sessions, showing growth in seat count, pricing strength, and low attrition, directly countering the “SaaSpocalypse” bear thesis.
• Salesforce’s Agentforce and Data 360 ARR surged over 210% year-over-year, with free cash flow up 81.49%, and the company raised its full-year revenue guidance to $46.1-$46.4 billion, signaling robust demand despite AI concerns.
• NVIDIA posted $96.22 billion in Q2 revenue, a 105.85% increase year-over-year, and projected 70% revenue growth for the next fiscal year, far exceeding the street’s 45% expectation, highlighting strong AI-driven demand amid supply constraints.
• Investors should watch Salesforce’s Q3 net new annual order value and seat count, as well as the September 2026 Investor Day, to assess whether AI adoption will eventually reduce seat-based revenue or if current growth trends continue, potentially invalidating the bear thesis.