Travis Hoium

how much shares have compressed over the course of the past year, almost by 50%, almost in half.

I had not realized until we had started to prepare for this show how much the valuation for ServiceNow has come down.

And I understand that we saw a lot of lofty valuations for especially big enterprise software and SaaS companies of which ServiceNow was included.

So it's not entirely unjustified.

But when I

look at their earnings and I see how the business is performing.

To me, a lot of the concern has much more to do with the macro environment, the AI environment, than it does to do with anything on the performance side for ServiceNow.

And in my opinion, the software is just like gravity for enterprises.

They need it, they consolidate, they automate, and they will find ways to integrate AI.

I do not think that AI alone is going to be a solution or a replacement for what ServiceNow does today.

So I think ServiceNow could be a particularly timely addition.

I completely agree.

I think I saw that headline cross my table and then I plugged my ears and I went, la, la, la, la, la.

Because ideally, your management team is spending their time thinking about the business, not thinking about the share price.

And that's exactly what Alphabet and Google needs, though, is because they need people to continue the behavior that they've already had, right?

We're all, for the most part, already engaged, already using Alphabet's products.

So the idea about AI for normies, it's more about, okay, continue with your habits.

We're going to slowly encroach upon that so that you don't go elsewhere.

You don't download that new app.

But my big question mark for Alphabet is how much of this is just fighting for territory that they already have, right?