CRM Stock Price Predictions: What Will Einstein GPT Mean for Salesforce?

  • Software company Salesforce (CRM) is announcing plans to integrate artificial intelligence (AI) on its Slack platform.
  • The Einstein GPT tool will help Slack users with a bevy of different tasks.
  • The company is the newest in a line of tech blue-chips to jump on the AI bandwagon.
CRM stock - CRM Stock Price Predictions: What Will Einstein GPT Mean for Salesforce?

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A world is upon us where office workers are able to task artificial intelligence (AI) with all of the minutiae that comes with daily tasks. Handling emails, messages, edits… AI is pitched by developers and corporations as the technology that will eliminate the dreaded busy work. It’s a prospect enjoyed by many, and companies are rushing to adopt AI for their own personal ends in an effort to usher this future forward. Salesforce (NYSE:CRM) is one such firm.

Cloud software company Salesforce has become a giant force in office life. Its products, including its flagship Salesforce Platform, AppExchange and Slack, all focus on trimming the fat. They streamline data crunching, development, internal communications, and more.

Most recently joining the fold is Slack, its messaging platform. Salesforce acquired Slack early on in the Covid-19 pandemic, proving useful in boosting its profile. Indeed, with remote work rapidly becoming the norm, thousands of organizations have pivoted to the platform.

In an effort to improve on Slack’s capabilities, Salesforce is jumping onto the AI bandwagon. This week, the company announced plans to integrate OpenAI’s chatbot model on the Slack platform.

Will CRM Stock Thrive on AI Plans?

The news doesn’t come as a huge surprise. Salesforce is a company with its finger on the pulse regarding tech advancements. That’s the whole reason it acquired Slack. With AI becoming an undeniable force in 2023, it is only a matter of time before companies like Salesforce get on board. The question is whether the move will come to be a selling point for CRM stock.

Salesforce is teaming up with the developer of ChatGPT, the chatbot taking the world by storm, to help with this new tool. Calling the service Einstein GPT, the AI integration will help Slack users by summarizing conversations, drafting up messages and more. OpenAI developers have been using Einstein GPT for months, although it isn’t available to the public just yet. Companies can currently join a waitlist for integration.

Salesforce is the newest company to embrace AI, but it’s far from the first. Microsoft (NASDAQ:MSFT) is investing billions of dollars into AI in multiple ways. Already, it is advancing development around its chatbot. It also has plans in place for a “Copilot” assistance toolAlphabet (NASDAQ:GOOG, NASDAQ:GOOGL), too, is rolling out its own Bard chatbot.

Investors are wondering whether the AI news will be a good development for CRM stock prices. Analysts currently have an average price target of $217.21, representing 18% upside potential. Following the Einstein GPT announcement, CRM shares are trading sideways.

On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Brenden Rearick is a Financial News Writer for InvestorPlace’s Today’s Market team. He mainly covers digital assets and tech stocks, with a focus on crypto regulation and DeFi.

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