Salesforce's premium valuation is predicated on market share growth and TAM expansion.
Its PaaS offering, led by Lightning, App Cloud, and AppExchange, is a wide moat growth driver.
Mulesoft and Einstein benefit from secular trends in API capabilities and intelligent workflows, respectively.
Valuation risk remains high, but Salesforce has proven that its reinvestment has been efficient.
Sentiment and valuation will decrease if Salesforce continues to reinvest without corresponding revenue growth; so far this hasn't occurred.