After trading near $210 last summer, tech giant ServiceNow Inc (NYSE: NOW) now sits in the $105-$115 range. The multi-month decline effectively halved the stock’s value, even though the company has consistently topped expectations in its quarterly reports.
The disconnect has puzzled some investors and worried many more. Sure, the company posted record revenue in its January report, but the stock has been relentlessly sold nonetheless. The culprit has been narrative fear, specifically around the impact of artificial intelligence (AI) on more traditional software businesses.
