ServiceNow Stock Down 4.4% Amid Anthropic AI Threat

ServiceNow stock fell 4.4% due to a new AI product from Anthropic, exacerbating concerns about AI disruption in the software industry. The company's valuation and AI threat have weighed heavily on its stock, which is down nearly 60% from its peak in December 2024. Despite solid results, the narrative around AI disruption is unlikely to go away, and ServiceNow's high price-to-earnings ratio of 63 makes it expensive.