Salesforce Dreamforce and HubSpot Partner Conversations; Pre-Quiet Period Roundup

This report summarizes J.P. Morgan's channel checks from Salesforce Dreamforce and HubSpot partner conversations, serving as a pre-quiet period roundup. Key takeaways: core CRM spend has come off the sidelines, with clients that had been in a status-quo holding pattern amid AI uncertainty and "SaaSpocalypse" fears re-committing to Salesforce, driving a major uptick over the last three to four months. The Anthropic partnership was the main story at Dreamforce though it is early, and Claudeforce pricing and consumption economics remain unclear, with clients worried about double-paying for both Salesforce and Claude. Headless drives slow seat erosion while contract values hold, with agent seats set to grow;