Bank of America analyst Tal Liani noted in an August 27 research report that Salesforce's total revenue for the second fiscal quarter increased by 10.8% year-over-year to $11.345 billion, slightly exceeding market expectations. However, its core "per-seat" business model continues to face structural erosion from agent-based AI. Although its Agentforce Annual Recurring Revenue (ARR) grew by over 240% year-over-year to $1.5 billion, it remains tiny relative to a revenue base of $46 billion and is unlikely to drive a valuation re-rating in the short term. Bank of America believes that Salesforce's current valuation is at the high end of its peers, presenting an asymmetric risk-reward profile.