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Key Takeaways
- Salesforce said Thursday that its first artificial intelligence (AI) center will be located in London.
- The U.S.-based software giant noted that the AI market in the U.K. is expected to grow to more than $1 trillion by 2035.
- Salesforce also announced $200 million in investments in U.K. AI companies Thursday, as part of a pledge to spend $4 billion on AI growth and innovation in the U.K. over five years.
Salesforce (CRM) was the best-performing stock in the Dow Jones Industrial Average Thursday after the customer relationship management (CRM) software giant announced plans to open its first artificial intelligence (AI) center, which will be located in London.
The company said that the London center “will foster collaboration by bringing together industry experts, partners, and customers to advance AI innovation while providing critical upskilling opportunities.”
Pledge To Spend $4B on AI Growth in UK
The plans are part of a pledge Salesforce made last year to spend $4 billion on AI growth and innovation in the U.K. over five years.
Along with the new AI center, situated in London’s Blue Fin building in the city’s Bankside area, Salesforce announced that its investment arm, Salesforce Ventures, has injected more than $200 million in U.K. AI companies, including text-to-speech and voice generator ElevenLabs and bid writing engine AutoGenAI.
Salesforce UKI CEO Zahra Bahrololoumi said the U.K. AI market is projected to reach over $1 trillion by 2035.
Despite Thursday’s Gains, Salesforce Stock Lingers in Negative Territory for 2024
Shares of Salesforce closed 2.6% higher at $242.76 Thursday following the AI center announcement. However, they remained in negative territory for the year. The stock took a hit after the company reported earnings last month amid concerns about its guidance, with enterprise customers reining in IT budgets and longer-than-average deal cycles.
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