(Bloomberg) — Salesforce Inc.’s big push into artificial intelligence helped send shares to a record high. Now Wall Street wants evidence that the big spending will pay off.

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The customer relationship management software maker is expected to report its results after the market close, with investors particularly focused on commentary on future AI-related trends. Salesforce (CRM) launched its generative AI product Agentforce in October and has aggressively recruited new employees to sell the tool, which can handle tasks like customer support without human supervision. The company also recently acquired Tenyx, a developer of AI-powered voice agents.

“Agentforce has taken the CRM narrative by storm with a marketing/product release blitz and positive but early partner feedback,” wrote Citi analyst Tyler Radke. The results could provide a “reality check” after the stock rose about 30% since Salesforce’s annual Dreamforce event in September, he said.

Shares fell 0.4% on Tuesday.

While AI has been a key driver of Wall Street gains for nearly two years, chipmakers like Nvidia Corp. and cloud computing companies like Microsoft Corp. the biggest increase in sales. Investors are betting that software will be the next group to benefit from a major advance, and Salesforce is a popular candidate to be positive. The company has long focused on technology and optimism surrounding Agentforce is particularly high.

“We believe the new AI suite for a large enterprise is one of the most groundbreaking we have ever seen,” Eric Clark, portfolio manager of the Rational Dynamic Brands Fund, wrote in emailed comments. “The market will be very pleased to see the adoption rates over the next three years.”

Still, the rollout and initial use of Salesforce’s AI products could be bumpy, he said, recommending investors use any stock price volatility as a buying opportunity. In three years, “the stock will look a lot cheaper than it does now as we see the revenue, margin and EPS growth,” he added.

The third-quarter results come after a tumultuous year for shares, which slumped in May after a weak sales growth forecast, underscoring concerns that the company could fall behind in AI. The stock has risen more than 50% since then and recent results have been well received, with an outlook above estimates driven by cost cutting.

Although stocks have recovered, analysts have not yet significantly raised their estimates. The consensus estimate for the company’s net income in 2025 is essentially unchanged from last quarter, the period in which the management team began talking about the new AI tools. According to data compiled by Bloomberg, the sales forecast for the period remains similarly unchanged.

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