Here's an odd thing happening in software land: Salesforce Inc. (CRM) is being valued like a sleepy, mature enterprise company right when artificial intelligence starts reshaping how customers actually use its platform. JPMorgan thinks this disconnect has created one of the most mispriced opportunities in large-cap software, and they might be onto something.

Everyone's busy chasing infrastructure-heavy AI darlings, but Salesforce sits there trading at roughly 14x forward free cash flow. Compare that to peers hanging out closer to the low-20s. JPMorgan's take? That gap says more about investor skepticism than it does about the actual business, and the market may be getting this one wrong.

The Valuation Story Doesn't Match Reality

The stock's multiple has gotten crushed even though free cash flow per share remains healthy and predictable. This isn't some struggling software relic trying to stay relevant. Salesforce benefits from something powerful: it's embedded deeply in customer workflows with long-duration contracts that provide revenue stability even when the economy gets wobbly.

Here's where it gets interesting. JPMorgan points out that Salesforce is aggressively buying back shares while most AI companies are loading up their balance sheets with spending commitments. The company is returning capital to shareholders and still funding innovation. That combination creates downside support, which is pretty rare among AI-adjacent software stocks right now.

Agentforce Is Gaining Real Traction

The AI angle here isn't about flashy model releases or dramatic announcements. It's baked into the existing ecosystem. JPMorgan's CIO and partner surveys show Agentforce ranking near the top among agentic AI products, which matters because Salesforce remains one of the most indispensable vendors in enterprise IT. High switching costs plus pricing power is a nice place to be.

AI Upside Without the AI Premium

The market isn't rewarding Salesforce for AI optimism yet, and that's precisely JPMorgan's point. AI features embedded across sales, service, and data workflows can drive incremental monetization without aggressive pricing or chasing new customers. The revenue opportunity is already sitting inside the installed base.

So you've got a company benefiting from the AI wave, trading like a value stock while everyone else with "AI" in their pitch deck commands premium multiples. JPMorgan thinks that won't last forever.