The stock is down 45% on the thesis that AI kills enterprise SaaS. ServiceNow's own CEO just forecast $1.5 billion in AI revenue this year, 50% above his prior projection. The company that AI was supposed to destroy is pricing AI as its fastest-growing product line.

Trading at $95. Analyst consensus is $145. Recent highs before the selloff were around $170. That gap is a narrative selloff. The fundamentals are pointing the other way.

Condition: Q2 and Q3 confirm the $1.5B. If they don't, the thesis breaks.