For most of 2026, ServiceNow has been Exhibit A for the “SaaSpocalypse”—the fear that autonomous AI agents will let companies build their own workflows and gut demand for traditional enterprise software.
The stock entered Wednesday down roughly a third for the year and about 50% off its 52-week high, even as revenue kept climbing north of 20%. ServiceNow CEO Bill McDermott kept saying his company was “the enterprise gateway for agentic AI,” and he kept showing impressive growth figures to prove it. But the market just wasn’t buying.
