CRM is trading 4.1% up at $174.44 following relief from California’s proposed 7.25% cloud software tax, which had pressured the sector since mid-May.
- The tax proposal had weighed heavily on SaaS and cloud names since its introduction on May 14.
- Salesforce is significantly outperforming a weak, risk-off tech tape as investors reassess regulatory risks.
- The move suggests a company-specific rebound as the market recalibrates the potential earnings impact of state-level cloud tax policies.