$NOW

ServiceNow ($NOW) has dropped over 60% from its all time highs (and other SaaS stocks have also been hard hit) over fears of SaaSpocalypse- thesis that AI agents like Claude Cowork are disrupting their business model NOW’s earrings report yesterday actually refuted these fears. The "SaaSpocalypse" theory suggests that AI agents (like Claude) will make SaaS platforms obsolete by automating workflows that used to require many human "seats." However, ServiceNow’s data showed the opposite: 1) AI Monetization is Exploding: Their AI product, Now Assist, saw customers spending over $1 million in annual contract value (ACV) grow by over 130% year-over-year. 2) Strong Top-Line Growth: Subscription revenue grew 22% (19% in constant currency), beating guidance. This suggests that instead of rep