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ServiceNow Soars on $1B AI Milestone Amid Selloff

Guavy AI Editorial Team
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Shares in ServiceNow jumped 5% on news that its AI business has surpassed $1 billion in annual contract value, while Adobe and Salesforce rose 4% and 3%, respectively.

The growth comes as investors rotate into enterprise software stocks amid a broader selloff in semiconductor and AI infrastructure shares, triggered by Anthropic CEO Dario Amodei's call to slow AI model development.

This shift has eased concerns for software vendors like ServiceNow, but put pressure on chipmakers. Analysts have raised their targets for the company, with Needham setting a price target of $155.

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