Q1 2026 Earnings Conference Call Recaps: Salesforce (CRM)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Salesforce’s (CRM) Q1 2027 earnings call.
Salesforce (CRM) is the world’s largest customer relationship management software company, providing cloud-based tools for sales, customer service, marketing, data analytics, commerce, and workplace collaboration through Slack. Salesforce now processes 28.6 trillion AI tokens quarterly and said Agentforce ARR surpassed $1 billion, highlighting how quickly large enterprises are experimenting with autonomous AI tools. This quarter’s earnings call focused almost entirely on AI monetization and Salesforce’s push to become the “operating system” for enterprise agents. Management repeatedly emphasized that customers are moving beyond pilots into production deployments, with companies like PenFed and UCLA Health using AI agents to reduce call center workloads, automate patient inquiries, and consolidate sprawling software systems. Slack was another major focus, with management calling it the central workspace for both humans and AI agents as Slack AI usage surged 350% quarter-over-quarter. Salesforce also introduced “Headless 360,” allowing AI tools like Claude and ChatGPT to access Salesforce data directly through MCP APIs. After posting better-than-expected EPS and revenue, CRM shares fell 0.75% on 5/28…
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Q1 2026 Earnings Conference Call Recaps: Best Buy (BBY)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Best Buy (BBY) Q1 2027 earnings call.
Best Buy (BBY) is the largest consumer electronics retailer in the US, selling everything from laptops and TVs to appliances and gaming gear. Comps came in at 2%, ahead of the 1% guide, with broad-based strength across gaming, computing, and mobile. The consumer picture remains consistent: value-focused but still willing to spend, with no signs of trade-down. The biggest news was a one-year national exclusive on RGB TVs, the first major new display technology since OLED in 2013, arriving just as the 49 million TVs sold during 2020 enter their replacement window. On the cost side, rising DRAM prices are pushing up PC prices industry-wide, but Best Buy is pulling inventory forward to lock in lower costs and betting its broad assortment will keep customers shopping within their budgets. Best Buy Ads is approaching $1 billion in annual revenue, and Marketplace hit $250 million GMV in the quarter alone. CEO Corie Barry also announced she is stepping down in November, with incoming CEO Jason Bonfig taking over. Best Buy’s share price is up nearly 18% after EPS and revenue beat expectations…
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The Closer – AI Bull Back on Top, GDP, PCE – 5/28/26
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- Even after working off of its lows, the S&P 500 Software and Services industry’s distance from its price targets is in the 10th percentile of all periods since 2003.
- GDP was revised down 0.4%-pt QoQ SAAR as non-residential investment remained the biggest driver of growth.
- Due to a combination of weak hiring, slowing wage growth, and higher inflation, purchasing power has been driven down as real household earnings registered a 4th percentile reading.
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Bespoke’s Weekly Sector Snapshot — 5/28/26
Beef Up, Eggs Down
After first surging past $5/lb in June 2023, then $6/lb in June 2025, the retail price for USDA Ground Beef jumped 20 cents to $6.90/lb in April and is on pace to hit $7 this summer.
Beef prices have jumped $1.10/lb (18.9%) over the last year and have doubled since the end of 2013.
As we highlighted a couple months ago, the backyard burger is becoming a delicacy! Make sure to enjoy each and every savory bite this summer.
At the same time that ground beef approaches $7/lb, they’re practically giving away eggs. Just over a year ago in early 2025, the wholesale price of a dozen large eggs topped $8. Earlier this month, that same dozen eggs got down to just $0.50!
Since 2014 when weekly USDA data begins, a dozen eggs have only dipped to 50 cents or less two other times: mid-2019 and mid-2016.
While a burger for lunch or dinner is killing consumer pocket books, at least breakfast is getting cheaper.
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Tech Looking for Back to Back 10%+ Monthly Gains
The S&P 500 Technology sector gained more than 17% in April, and with one trading day left in May, it’s currently up 12%.
The last time the Tech sector saw back-to-back 10%+ monthly gains was in March and April 2009 coming out of the Financial Crisis bear market.
Before 2009, the sector only had back-to-back 10%+ monthly gains four other times: Nov/Dec 1998, Nov/Dec 1999, Oct/Nov 2001, and Oct/Nov 2002.
Below is a look at where these huge two-month moves happened on a price chart for the sector going back to 1989:
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Semis Race Past Analysts
The average stock in the Russell 1,000 trades about 15% below its consensus analyst price target, but the semis have rallied so far so fast that the group has raced past Wall Street expectations.
As shown below, the average stock in the Semiconductor group is currently 2.2% above its average analyst price target.
You don’t usually see many individual stocks move above their average analyst price target, so for an entire group to do it is practically unheard of.
When this happens, either the analysts are forced to up their price targets even more (which typically causes more buyer enthusiasm), or share prices eventually pull back from overbought levels.
Below is a look at the Russell 1,000 semis stocks and where they’re trading relative to consensus analyst price targets. Enphase Energy (ENPH) came into today more than 50% above its price target, while Intel (INTC) and Micron (MU) are more than 30% above.
Notably, the largest semi of them all — NVIDIA (NVDA) — is 29% below its price target, the farthest away in the entire group and more than double the distance that the average Russell 1,000 stock is trading from its price target.
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Chart of the Day: Tech Bubble Redux
The Bespoke 50 Growth Stocks – 5/28/26
The “Bespoke 50” is a basket of noteworthy growth stocks in the Russell 3,000. To make the list, a stock must have strong earnings growth prospects along with an attractive price chart based on Bespoke’s analysis. There were eight changes to the list this month.
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The Bespoke 50 performance chart shown does not represent actual investment results. The Bespoke 50 is updated monthly on Thursdays unless otherwise noted. Performance is based on equally weighting each of the 50 stocks (2% each) and is calculated using each stock’s opening price as of Friday morning after publication. Entry prices and exit prices used for stocks that are added or removed from the Bespoke 50 are based on Friday’s opening price. Any potential commissions, brokerage fees, or dividends are not included in the Bespoke 50 performance calculation, but the performance shown is net of a hypothetical annual advisory fee of 0.85%. Performance tracking for the Bespoke 50 and the Russell 3,000 total return index begins on March 5th, 2012 when the Bespoke 50 was first published. Past performance is not a guarantee of future results. The Bespoke 50 is meant to be an idea generator for investors and not a recommendation to buy or sell any specific securities. It is not personalized advice because it in no way takes into account an investor’s individual needs. As always, investors should conduct their own research when buying or selling individual securities. Click here to read our full disclosure on hypothetical performance tracking. Bespoke representatives or wealth management clients may have positions in securities discussed or mentioned in its published content.
Bespoke’s Morning Lineup – 5/28/26 – Breadth Divergences
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“The distance between insanity and genius is measured only by success” – Ian Fleming
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Markets are taking a breather this morning as the US and Iran trade missile and drone strikes. The S&P 500 looks poised to open 0.2% lower, while the Nasdaq is down 0.33%. After a brief excursion below $90, WTI crude oil is back above $90, gold is down over 1%, and the 10-year yield is up 3 bps to 4.51%.
Asian stocks were mostly lower overnight, with the Nikkei down 0.5% and Hong Kong falling 1.3%. The Shanghai Composite bucked the trend, finishing with a marginal gain, but even South Korea finished the session lower, falling 0.5%. South Korea down? Outside of the rising tensions between the US and Iran, there was no obvious catalyst for the declines in the region.
In Europe, events in the Middle East have also weighed on equities. The STOXX 600 is down close to 1%. Led lower by the UK, while Italy bucks the trend with a gain. Hawkish comments from the ECB’s Chief Economist also haven’t helped.
In the US today, there’s a monster slate of data on the calendar with Personal Income, Personal Spending, PCE, Jobless Claims, Durable Goods, and GDP all at 8:30, followed by New Homes Sales at 10 AM, as well as Energy inventories at 10:30 and 12:00.
Yesterday was another one of those days when the S&P 500 hit a 52-week high, but breadth was negative. So far this year, these types of daily divergences have occurred 11 times, and if that brings back memories of the late 1990s, it shouldn’t.
As shown in the chart below, we’re not even fully five months into the year, but this year already ranks tied for fourth in the number of days when the S&P 500 closed at a 52-week high but breadth was negative. The only years with more occurrences were 1995 (17), 2021, and 2025, with 14. If you look at the late 1990s, though, in 1998 it happened only eight times all year, in 1999 there were only four occurrences, and in 2000, it only happened twice.
Regarding breadth, the S&P 500’s cumulative advance/decline line continues to diverge from price. On 4/20, the cumulative A/D line made a marginal new high, but ever since then, it’s been biased to the downside, even as the S&P 500 has rallied close to 6%.
At least there have been some signs that breadth is modestly improving. The chart below shows the S&P 500’s 10-day A/D line over the last year, with the period from 3/30 shown in dark blue. While breadth was positive in the early days of the rally, from late April through just before Memorial Day weekend, it was negative before moving modestly back into positive territory this week. Breadth could still use a lot of improvement, but you have to start somewhere!
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