The market is making the same mistake twice. $CRM & $SAP are being priced as AI Losers, but the reality will probably be the exact opposite

Why the disconnect? 🧵

✔️ Revenue. Both at massive scale, growing double digits

✔️ Moat. Deeply embedded in the IT architecture of Global 2000 firms. Unplugging them is not an option

✔️ The AI Flip. Agentic AI doesn't kill CRM/ERP, it makes them the operating system for agentic AI

✔️ Value. Both trading just above 20x PE. Dirt cheap for essential infrastructure

Which one do you prefer? I do prefer SAP myself as ERP are stickier than CRM. What's your take?