zlacker

>>peteth+(OP)
Is it AI or just the market realizing that some of these companies were ridiculously overvalued to begin with.

Here are the p/e ratios of companies mentioned in the article, after the said "pummeling":

* ServiceNow - 70.66

* SAP - 28.70

* Salesforce - 28.15

* Workday - 73.16

* Microsoft - 26.53

So they range from "a bit high" to "still completely bonkers".

>>paxys+Sx2
ServiceNow isn't really an "AI" company - they're one of the silent ITSM and Security companies that are nigh impossible to tear out, and are making silent moves into the OT Security space.

And that makes their "AI" pivot much more sustainable imo - their are already such a giant from a cashflow perspective that if some sort of AI valuation shakeup occurs, they have the drypowder to execute on M&A.

SNOW's closest comparables are CROWD and PANW - basically an Arora style platformization play.