ServiceNow a Falling Knife?
The AI Control Tower Thesis
As promised Part 2 of Omada thesis is already published without email to respect the inbox of my subscribers.
ServiceNow
For the past year, the market has whispered that AI would commoditize SaaS—that “seat compression” would kill the per-user pricing model. ServiceNow’s Q4 2025 earnings call didn’t just rebut that thesis; it dismantled it. Bill McDermott and team are not playing a defensive game of protecting legacy seats. They are aggressively repositioning the company as the AI Control Tower for the enterprise—a semantic layer that governs the chaotic explosion of AI agents.
The data suggests we are witnessing a fundamental platform shift, not a feature upgrade. Here is my deep dive into why NOW stock is the cleanest way to play the “Agentic Enterprise.”
