ServiceNow Is Down 51% as Wall Street Bets AI Will Gut Its Business. July 22 Will Show Who's Right.

ServiceNow stock has plummeted 51% from its 52-week high amid fears that AI will disrupt its enterprise software business. However, Q1 results show strong subscription revenue growth of 22% YoY and robust contract metrics, contradicting the disruption thesis. The company's July 22 earnings report will be a critical test of whether the market's pessimism is justified or represents an overreaction.