Salesforce is down a third this year on AI disruption fears. They just spent $3.6B buying the company that proves the fear is real.

I've been tracking the enterprise AI governance race since the ServiceNow debt raise back in May. The thesis has been that ServiceNow, Salesforce and Microsoft are all racing to claim the control layer for enterprise AI. Partly it's a defensive move against becoming commoditized pipelines for the hyperscalers. This week adds a sharper data point. Salesforce just signed a definitive agreement to acquire Fin, the AI customer service company formerly known as Intercom, for $3.6B. Fin's AI Agent res