Salesforce posted record first-quarter results. Revenue hit $11.13 billion. Adjusted earnings per share reached $3.88. Both figures topped expectations. Yet shares slipped in the hours after the report. Investors focused less on the beat and more on what comes next. The numbers tell one story. The guidance and broader market mood tell another. For a company that has spent the past year positioning itself as the leader in agentic AI, the reaction reveals lingering doubts about whether traditional software giants can truly outrun disruption. Subscription and support revenue climbed 14% year over year to $10.6 billion. Total revenue grew 13%. Current remaining performance obligations rose 14% to $33.6 billion. These are solid gains for a business once feared to be maturing too quickly. But the real momentum sits in the AI numbers. Agentforce annualized recurring revenue crossed $1.2 billion. That marks a 205% jump from a year earlier.…