{"slug":"ai-adapt-crm-20261105","entry":{"slug":"ai-adapt-crm-20261105","title":"AI Adaptation Research Report — CRM (Salesforce, Inc.) · WhiteSwan constituent","symbol":"CRM","kind":"ai_adaptation","name":"Salesforce, Inc.","book":"AMF-WHITESWAN","direction":"long","verdict":"whiteswan","run_date":"2026-11-05","narrative":"deterministic","level":3,"aas":57.4,"date":"2026-11-05","generated_at":"2026-11-05T04:01:42+00:00","description":"CRM (Salesforce, Inc.) is a WhiteSwan constituent: its own filings document AI inside the product or operations with investment behind it, and its AI Adaptation Score ranks at the top of the software companies (SIC 7370–","algorithm_release":"1.1.0","rank":5,"composite":68.362,"story_score":58.59,"market":100.0,"weight":0.11353,"pinned":false},"url":"/marr/ai-adapt-crm-20261105","markdown":"# AI Adaptation Research Report — CRM (Salesforce, Inc.) · WhiteSwan constituent\n\n*EventTrader research desk · generated 2026-11-05 04:01 UTC · report ai-adapt-crm-20261105 · narrative: built from the evidence pack by the platform*\n\n| | |\n|---|---|\n| **Company** | CRM — Salesforce, Inc. · SIC 7372 Services-Prepackaged Software |\n| **Book** | AMF-WHITESWAN (long) — WhiteSwan |\n| **Composition algorithm** | Swan Composite v1.1.0 — 50% AI Adaptation Score + 25% AI Story Score + 25% market verdict, conviction-weighted |\n| **Anchor filing** | 10-Q filed 2026-08-27 (period 2026-07-31) |\n| **Adoption level** | 3 — integrated · model-confirmed |\n| **AI Adaptation Score** | 57.4 / 100 · run 2026-11-05 · sector software percentile 94.0 |\n| **Price** | 226.8 USD |\n| **Place in the book** | rank 5 of 10 · composite 68.4 · story 58.6 · market verdict 100.0 · weight 11.4% |\n\n## 1. Verdict\n\n- **CRM (Salesforce, Inc.) is a WhiteSwan constituent**: its own filings document AI inside the product or operations with investment behind it, and its AI Adaptation Score ranks at the top of the software companies (SIC 7370–7379) on the 2026-11-05 run [S5].\n- The score rests on the company's 10-Q filed 2026-08-27, read in full by the platform's scorer [S1].\n- Adoption level **3 — integrated** on the 0–4 rubric, confirmed by a model read with credibility 6.0/10 [S1].\n- AI Adaptation Score **57.4** / 100, percentile 99.0 of 6503 scored filers and 94.0 within its sector (software, 585 filers) [S5].\n- What would move it: a next report that withdraws the deployments, investment or outcomes it now states [S1].\n\n## 2. The company\n\nSalesforce, Inc. files with the SEC under CIK 1108524, SIC 7372 (Services-Prepackaged Software), listed on NYSE [S4].\nThe filing the score reads is the 10-Q filed 2026-08-27 for the period ended 2026-07-31, effective for the books from 2026-08-28 [S2].\n\n## 3. What the filing says about AI\n\nThe scorer found 65 AI-related sentences in the 10-Q: 12 in the substantive sections (business, management's discussion) and 53 in the risk factors [S1].\nSignals counted in the substantive text: proprietary-model language 2, deployments 2, measured outcomes 1, investment 3, third-party vendor tools 0, exploratory language 2 [S1].\n\nVerbatim from the filing:\n\n> \"Overview Salesforce is a global leader in customer relationship management (“CRM”) technology, helping organizations of any size become agentic enterprises.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"We continue to expand the capabilities of our autonomous AI agent layer integrated across our platform.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"With this single source of customer truth and integrated artificial intelligence (“AI”), teams can be more responsive, productive and efficient, deliver intelligent, personalized experiences across every channel and increase productivity.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"(“Fin”), a customer agent platform providing autonomous, end-to-end AI service agents, for approximately $3.6 billion in cash, and subject to customary purchase price adjustments.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"We continue to invest for growth, including investing in generative and agentic AI across all products, which we believe will change how our customers help their customers, and continuously look to expand our leadership role in the cloud computing industry.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"We intend to continue to invest additional resources in our AI, agentic and cloud services to allow us to scale with our customers and continue to evolve our security measures.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"We plan to reinvest savings from efficiencies realized from the rapid deployment of generative AI technologies to accelerate our product roadmap.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"In addition to these growth levers, our mergers and acquisitions framework has included several acquisitions that have accelerated our agentic roadmap, including our April 2026 acquisition of Qualified.com, Inc.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"We expect that research and development expenses will likely remain consistent as a percentage of revenue over time as we continue investing in new and existing technologies, including AI, agents, Data Cloud offerings, and the integration of Informatica.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"Our strategic investment portfolio continues to be affected by market conditions for companies in which we hold private securities, including the pace of technological change driven by AI and volatility in public equity markets.\" — Item 2. Management's Discussion and Analysis [S1]\n\n## 4. The AI Adaptation Score\n\nThe AI Adaptation Score weighs the adoption level (0–4) at 45%, building with AI from the ground up (greenfield) at 20%, the credibility of the claims at 15%, the trajectory against the previous filing at 12% and the investment signal at 8%, with trajectory and investment measured against the company's own sector; the greenfield reward counts only from level 3 upward [S5].\nCRM's score of 57.4 decomposes into level 33.8, greenfield 4.0, credibility 9.0, trajectory 5.7 and investment 4.9 points [S5].\nIts cluster label for the run is **builder** with a margin of 26.6 points from the sector's other cluster [S5].\n\nThe model read of the filing returned level 3 (integrated) with confidence 0.82 and sub-scores product 8.0, operations 6.0, investment 8.0, data moat 5.0, credibility 6.0, greenfield 2.0 (each 0–10) [S1].\nIts summary: \"AI is integrated across Salesforce's platform via Agentforce, Data 360 and an autonomous agent layer, backed by named spend (the ~$3.6B Fin acquisition, Qualified.com) and AI-driven consumption pricing. But it relies on third-party LLMs, lacks hard outcome metrics, and is retrofitted onto an existing CRM, so it stays integrated (3), not native.\" [S1].\n> \"(“Fin”), a customer agent platform providing autonomous, end-to-end AI service agents, for approximately $3.6 billion in cash, and subject to customary purchase price adjustments.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"We continue to expand the capabilities of our autonomous AI agent layer integrated across our platform.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"We plan to reinvest savings from efficiencies realized from the rapid deployment of generative AI technologies to accelerate our product roadmap.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"Additionally, our transition toward more complex pricing structures, including AI-driven consumption models, may make it more difficult to optimize our pricing, predict attrition rates, and accurately forecast revenue.\" — Item 1A. Risk Factors [S1]\n> \"our mergers and acquisitions framework has included several acquisitions that have accelerated our agentic roadmap, including our April 2026 acquisition of Qualified.com, Inc.\" — Item 2. Management's Discussion and Analysis [S1]\n\n## 5. Trajectory\n\nThe previous periodic report, the 10-Q filed 2026-05-28, scored level 3 (integrated) with 61 AI sentences [S3].\nThe level is unchanged between the two reports [S1].\n\n## 6. Recent developments\n\n- wire:prnewswire_financial 2026-11-04T17:51+00:00: AIMG® Sizes AI Governance Platforms Market at $12.5 Billion by 2030; Microsoft, Databricks and Salesforce Top AI LeaderMap® [S7]\n- wire:gnews-commercial-mega 2026-11-04T15:11+00:00: Salesforce wins 15-year, GBP 2 billion contract with HMRC - Telecompaper [S8]\n- wire:gnews-ma 2026-11-04T09:35+00:00: Salesforce to acquire voice AI company Cresta - https://marketingreport.one/ [S9]\n- wire:gnews-ma 2026-11-03T23:51+00:00: Salesforce to acquire AI customer experience platform Cresta - Mi-3.com.au. [S10]\n- wire:prnewswire 2026-11-03T20:15+00:00: Sesame Software Launches Free Migration Assessment to Help Enterprises Leave Salesforce Without Losing Data [S11]\n- wire:gnews-ma 2026-11-03T16:38+00:00: Salesforce Moves to Acquire Cresta - The Futurum Group [S12]\n- ma:deal 2026-11-03T09:16+00:00: Salesforce to acquire Cresta for $2.7B [S13]\n- wire:gnews-ma 2026-11-03T09:15+00:00: Salesforce to acquire voice AI company Cresta - www.verdict.co.uk [S14]\n\n## 7. What would change the verdict\n\nCRM leaves the long book if a later report drops the deployments, investment or outcomes it now states, if the model read judges the claims uncredible, or if higher-scoring filers displace it on a later run [S5].\nThe book is recomposed on every scoring run from the ten highest scores that pass the liquidity screen [S5].\n\n## 8. Risks and caveats\n\nThe score reads what the company discloses, not what it does: a company can adopt AI without describing it in a periodic report, and can describe it without adopting it [S5].\nRisk-factor language is counted separately from substantive text and never credited as adoption; boilerplate that resembles generic risk disclosure is excluded [S5].\nOnly the sections the scorer parses are read (business, risk factors, management's discussion for a 10-K or 10-Q; the earnings release of an 8-K is scored but never anchors a level) [S5].\n\n## 9. Watch list\n\n- The next periodic report of CRM (expected around 2026-11-25) and its AI sentences [S4].\n- The model read of the current filing (done) [S5].\n- The next scoring run's AI Adaptation Score and the book's recomposition [S5].\n## Place in the book\n\n- Rank 5 of 10 in AMF-WHITESWAN (Swan Composite v1.1.0, scoring run 2026-11-05): the book holds the highest composites [S5].\n- Composite: 0.50 × 57.4 (AAS) + 0.25 × 58.6 (story) + 0.25 × 100.0 (market) = 68.4 [S5].\n- Market verdict 100.0: over the last 90 days CRM rose more and fell less than the software universe's median daily return (down-capture 1.72, up-capture 3.79, L = 2.07; 32 down / 19 up days) — the Failure-To-Adapt fund's selection signal, 50 = moves with the software universe's median daily return [S5].\n- AI Story Score 58.6: a beneficiary narrative in the AI stories written about the company [S5].\n- Weight: rank factor 1.56 (rank 5 of 10) × story factor 1.09 × market factor 1.50, normalised across the book and clamped to 5–20% → 11.4% [S5].\n\n## Sources\n\n- **S1** — CRM 10-Q filed 2026-08-27 — SEC primary document (the anchor filing the score reads) — \n- **S2** — EDGAR filing index for accession 0001108524-26-000190 — \n- **S3** — CRM 10-Q filed 2026-05-28 — the previous periodic report (trajectory) — \n- **S4** — SEC EDGAR company submissions — Salesforce, Inc. (CIK 1108524) — \n- **S5** — EventTrader AI Adaptation Score, scoring run 2026-11-05 — the AMF-WHITESWAN fund page (method, composition) — \n- **S6** — EventTrader real-price feed — CRM quote — \n- **S7** — Headline — wire:prnewswire_financial 2026-11-04T17:51+00:00: AIMG® Sizes AI Governance Platforms Market at $12.5 Billion by 2030; Microsoft, Databricks and Salesforce Top AI LeaderMap® — \n- **S8** — Headline — wire:gnews-commercial-mega 2026-11-04T15:11+00:00: Salesforce wins 15-year, GBP 2 billion contract with HMRC - Telecompaper — \n- **S9** — Headline — wire:gnews-ma 2026-11-04T09:35+00:00: Salesforce to acquire voice AI company Cresta - https://marketingreport.one/ — \n- **S10** — Headline — wire:gnews-ma 2026-11-03T23:51+00:00: Salesforce to acquire AI customer experience platform Cresta - Mi-3.com.au. — \n- **S11** — Headline — wire:prnewswire 2026-11-03T20:15+00:00: Sesame Software Launches Free Migration Assessment to Help Enterprises Leave Salesforce Without Losing Data — \n- **S12** — Headline — wire:gnews-ma 2026-11-03T16:38+00:00: Salesforce Moves to Acquire Cresta - The Futurum Group — \n- **S13** — Headline — ma:deal 2026-11-03T09:16+00:00: Salesforce to acquire Cresta for $2.7B — \n- **S14** — Headline — wire:gnews-ma 2026-11-03T09:15+00:00: Salesforce to acquire voice AI company Cresta - www.verdict.co.uk — \n\n## Method and disclaimer\n\nThe AI Adaptation Score reads each company's own periodic SEC reports (10-K, 10-Q, 20-F, 40-F): deterministic features (AI sentences by section, proprietary-model, deployment, outcome, investment and vendor language, boilerplate and negation excluded) set an adoption level on a 0–4 rubric; a model read of the filing's AI sentences confirms the level and scores credibility and greenfield (the business built with AI from the ground up rather than retrofitted); the score combines level, greenfield, credibility, trajectory against the previous report and investment, measured against the company's sector, with greenfield carrying the highest reward. The books are composed by Swan Composite v1.1.0: each company's composite is 50% AI Adaptation Score + 25% AI Story Score + 25% market verdict — the AI Story Score is the sentiment of the AI stories written about it, the belief network of companies named in the same stories and the price reaction to those stories (no story scores neutral); the market verdict is the Failure-To-Adapt fund's selection signal, the signed down/up capture ratio of the stock against the software universe's median return over 90 days (a stock that falls more and rises less than its peers scores below 50). AMF-BLACKSWAN holds the ten lowest composites that pass the liquidity screen and the new-listing gate and AMF-WHITESWAN the ten highest, weighted by conviction (rank, story agreement and market agreement, each leg 5–20%), recomposed on every scoring run. Every quote in this report is the filing's text verbatim; every factual sentence names its source; a source the platform could not reach is reported as missing, never filled in.\n\n*This report is information, not investment advice. Figures come from the cited sources as of their dates. Nothing here is a recommendation to buy, sell or hold any asset.*\n","html":"

AI Adaptation Research Report — CRM (Salesforce, Inc.) · WhiteSwan constituent

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EventTrader research desk · generated 2026-11-05 04:01 UTC · report ai-adapt-crm-20261105 · narrative: built from the evidence pack by the platform

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CompanyCRM — Salesforce, Inc. · SIC 7372 Services-Prepackaged Software
BookAMF-WHITESWAN (long) — WhiteSwan
Composition algorithmSwan Composite v1.1.0 — 50% AI Adaptation Score + 25% AI Story Score + 25% market verdict, conviction-weighted
Anchor filing10-Q filed 2026-08-27 (period 2026-07-31)
Adoption level3 — integrated · model-confirmed
AI Adaptation Score57.4 / 100 · run 2026-11-05 · sector software percentile 94.0
Price226.8 USD
Place in the bookrank 5 of 10 · composite 68.4 · story 58.6 · market verdict 100.0 · weight 11.4%
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1. Verdict

\n
    \n
  • CRM (Salesforce, Inc.) is a WhiteSwan constituent: its own filings document AI inside the product or operations with investment behind it, and its AI Adaptation Score ranks at the top of the software companies (SIC 7370–7379) on the 2026-11-05 run [S5].
    • \n
  • The score rests on the company's 10-Q filed 2026-08-27, read in full by the platform's scorer [S1].
    • \n
  • Adoption level 3 — integrated on the 0–4 rubric, confirmed by a model read with credibility 6.0/10 [S1].
    • \n
  • AI Adaptation Score 57.4 / 100, percentile 99.0 of 6503 scored filers and 94.0 within its sector (software, 585 filers) [S5].
    • \n
  • What would move it: a next report that withdraws the deployments, investment or outcomes it now states [S1].
    • \n
\n

2. The company

\n

Salesforce, Inc. files with the SEC under CIK 1108524, SIC 7372 (Services-Prepackaged Software), listed on NYSE [S4].\nThe filing the score reads is the 10-Q filed 2026-08-27 for the period ended 2026-07-31, effective for the books from 2026-08-28 [S2].

\n

3. What the filing says about AI

\n

The scorer found 65 AI-related sentences in the 10-Q: 12 in the substantive sections (business, management's discussion) and 53 in the risk factors [S1].\nSignals counted in the substantive text: proprietary-model language 2, deployments 2, measured outcomes 1, investment 3, third-party vendor tools 0, exploratory language 2 [S1].

\n

Verbatim from the filing:

\n
\n

\"Overview Salesforce is a global leader in customer relationship management (“CRM”) technology, helping organizations of any size become agentic enterprises.\" — Item 2. Management's Discussion and Analysis [S1]\n\"We continue to expand the capabilities of our autonomous AI agent layer integrated across our platform.\" — Item 2. Management's Discussion and Analysis [S1]\n\"With this single source of customer truth and integrated artificial intelligence (“AI”), teams can be more responsive, productive and efficient, deliver intelligent, personalized experiences across every channel and increase productivity.\" — Item 2. Management's Discussion and Analysis [S1]\n\"(“Fin”), a customer agent platform providing autonomous, end-to-end AI service agents, for approximately $3.6 billion in cash, and subject to customary purchase price adjustments.\" — Item 2. Management's Discussion and Analysis [S1]\n\"We continue to invest for growth, including investing in generative and agentic AI across all products, which we believe will change how our customers help their customers, and continuously look to expand our leadership role in the cloud computing industry.\" — Item 2. Management's Discussion and Analysis [S1]\n\"We intend to continue to invest additional resources in our AI, agentic and cloud services to allow us to scale with our customers and continue to evolve our security measures.\" — Item 2. Management's Discussion and Analysis [S1]\n\"We plan to reinvest savings from efficiencies realized from the rapid deployment of generative AI technologies to accelerate our product roadmap.\" — Item 2. Management's Discussion and Analysis [S1]\n\"In addition to these growth levers, our mergers and acquisitions framework has included several acquisitions that have accelerated our agentic roadmap, including our April 2026 acquisition of Qualified.com, Inc.\" — Item 2. Management's Discussion and Analysis [S1]\n\"We expect that research and development expenses will likely remain consistent as a percentage of revenue over time as we continue investing in new and existing technologies, including AI, agents, Data Cloud offerings, and the integration of Informatica.\" — Item 2. Management's Discussion and Analysis [S1]\n\"Our strategic investment portfolio continues to be affected by market conditions for companies in which we hold private securities, including the pace of technological change driven by AI and volatility in public equity markets.\" — Item 2. Management's Discussion and Analysis [S1]

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4. The AI Adaptation Score

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The AI Adaptation Score weighs the adoption level (0–4) at 45%, building with AI from the ground up (greenfield) at 20%, the credibility of the claims at 15%, the trajectory against the previous filing at 12% and the investment signal at 8%, with trajectory and investment measured against the company's own sector; the greenfield reward counts only from level 3 upward [S5].\nCRM's score of 57.4 decomposes into level 33.8, greenfield 4.0, credibility 9.0, trajectory 5.7 and investment 4.9 points [S5].\nIts cluster label for the run is builder with a margin of 26.6 points from the sector's other cluster [S5].

\n

The model read of the filing returned level 3 (integrated) with confidence 0.82 and sub-scores product 8.0, operations 6.0, investment 8.0, data moat 5.0, credibility 6.0, greenfield 2.0 (each 0–10) [S1].\nIts summary: \"AI is integrated across Salesforce's platform via Agentforce, Data 360 and an autonomous agent layer, backed by named spend (the ~$3.6B Fin acquisition, Qualified.com) and AI-driven consumption pricing. But it relies on third-party LLMs, lacks hard outcome metrics, and is retrofitted onto an existing CRM, so it stays integrated (3), not native.\" [S1].

\n
\n

\"(“Fin”), a customer agent platform providing autonomous, end-to-end AI service agents, for approximately $3.6 billion in cash, and subject to customary purchase price adjustments.\" — Item 2. Management's Discussion and Analysis [S1]\n\"We continue to expand the capabilities of our autonomous AI agent layer integrated across our platform.\" — Item 2. Management's Discussion and Analysis [S1]\n\"We plan to reinvest savings from efficiencies realized from the rapid deployment of generative AI technologies to accelerate our product roadmap.\" — Item 2. Management's Discussion and Analysis [S1]\n\"Additionally, our transition toward more complex pricing structures, including AI-driven consumption models, may make it more difficult to optimize our pricing, predict attrition rates, and accurately forecast revenue.\" — Item 1A. Risk Factors [S1]\n\"our mergers and acquisitions framework has included several acquisitions that have accelerated our agentic roadmap, including our April 2026 acquisition of Qualified.com, Inc.\" — Item 2. Management's Discussion and Analysis [S1]

\n
\n

5. Trajectory

\n

The previous periodic report, the 10-Q filed 2026-05-28, scored level 3 (integrated) with 61 AI sentences [S3].\nThe level is unchanged between the two reports [S1].

\n

6. Recent developments

\n
    \n
  • wire:prnewswire_financial 2026-11-04T17:51+00:00: AIMG® Sizes AI Governance Platforms Market at $12.5 Billion by 2030; Microsoft, Databricks and Salesforce Top AI LeaderMap® [S7]
    • \n
  • wire:gnews-commercial-mega 2026-11-04T15:11+00:00: Salesforce wins 15-year, GBP 2 billion contract with HMRC - Telecompaper [S8]
    • \n
  • wire:gnews-ma 2026-11-04T09:35+00:00: Salesforce to acquire voice AI company Cresta - https://marketingreport.one/ [S9]
    • \n
  • wire:gnews-ma 2026-11-03T23:51+00:00: Salesforce to acquire AI customer experience platform Cresta - Mi-3.com.au. [S10]
    • \n
  • wire:prnewswire 2026-11-03T20:15+00:00: Sesame Software Launches Free Migration Assessment to Help Enterprises Leave Salesforce Without Losing Data [S11]
    • \n
  • wire:gnews-ma 2026-11-03T16:38+00:00: Salesforce Moves to Acquire Cresta - The Futurum Group [S12]
    • \n
  • ma:deal 2026-11-03T09:16+00:00: Salesforce to acquire Cresta for $2.7B [S13]
    • \n
  • wire:gnews-ma 2026-11-03T09:15+00:00: Salesforce to acquire voice AI company Cresta - www.verdict.co.uk [S14]
    • \n
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7. What would change the verdict

\n

CRM leaves the long book if a later report drops the deployments, investment or outcomes it now states, if the model read judges the claims uncredible, or if higher-scoring filers displace it on a later run [S5].\nThe book is recomposed on every scoring run from the ten highest scores that pass the liquidity screen [S5].

\n

8. Risks and caveats

\n

The score reads what the company discloses, not what it does: a company can adopt AI without describing it in a periodic report, and can describe it without adopting it [S5].\nRisk-factor language is counted separately from substantive text and never credited as adoption; boilerplate that resembles generic risk disclosure is excluded [S5].\nOnly the sections the scorer parses are read (business, risk factors, management's discussion for a 10-K or 10-Q; the earnings release of an 8-K is scored but never anchors a level) [S5].

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9. Watch list

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    \n
  • The next periodic report of CRM (expected around 2026-11-25) and its AI sentences [S4].
    • \n
  • The model read of the current filing (done) [S5].
    • \n
  • The next scoring run's AI Adaptation Score and the book's recomposition [S5].
    • \n
\n

Place in the book

\n
    \n
  • Rank 5 of 10 in AMF-WHITESWAN (Swan Composite v1.1.0, scoring run 2026-11-05): the book holds the highest composites [S5].
    • \n
  • Composite: 0.50 × 57.4 (AAS) + 0.25 × 58.6 (story) + 0.25 × 100.0 (market) = 68.4 [S5].
    • \n
  • Market verdict 100.0: over the last 90 days CRM rose more and fell less than the software universe's median daily return (down-capture 1.72, up-capture 3.79, L = 2.07; 32 down / 19 up days) — the Failure-To-Adapt fund's selection signal, 50 = moves with the software universe's median daily return [S5].
    • \n
  • AI Story Score 58.6: a beneficiary narrative in the AI stories written about the company [S5].
    • \n
  • Weight: rank factor 1.56 (rank 5 of 10) × story factor 1.09 × market factor 1.50, normalised across the book and clamped to 5–20% → 11.4% [S5].
    • \n
\n

Sources

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Method and disclaimer

\n

The AI Adaptation Score reads each company's own periodic SEC reports (10-K, 10-Q, 20-F, 40-F): deterministic features (AI sentences by section, proprietary-model, deployment, outcome, investment and vendor language, boilerplate and negation excluded) set an adoption level on a 0–4 rubric; a model read of the filing's AI sentences confirms the level and scores credibility and greenfield (the business built with AI from the ground up rather than retrofitted); the score combines level, greenfield, credibility, trajectory against the previous report and investment, measured against the company's sector, with greenfield carrying the highest reward. The books are composed by Swan Composite v1.1.0: each company's composite is 50% AI Adaptation Score + 25% AI Story Score + 25% market verdict — the AI Story Score is the sentiment of the AI stories written about it, the belief network of companies named in the same stories and the price reaction to those stories (no story scores neutral); the market verdict is the Failure-To-Adapt fund's selection signal, the signed down/up capture ratio of the stock against the software universe's median return over 90 days (a stock that falls more and rises less than its peers scores below 50). AMF-BLACKSWAN holds the ten lowest composites that pass the liquidity screen and the new-listing gate and AMF-WHITESWAN the ten highest, weighted by conviction (rank, story agreement and market agreement, each leg 5–20%), recomposed on every scoring run. Every quote in this report is the filing's text verbatim; every factual sentence names its source; a source the platform could not reach is reported as missing, never filled in.

\n

This report is information, not investment advice. Figures come from the cited sources as of their dates. Nothing here is a recommendation to buy, sell or hold any asset.

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