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Is ServiceNow a Casualty of the AI Transition? A Deep Dive Valuation
In this episode of the Liam Highland portfolio, the host runs a complete deep-dive valuation of ServiceNow after its stock dropped 18% in a single session on its Q1 2026 earnings—the biggest one-day fall in its history—leaving it down 43% year to date and 57% off its ~$220 billion peak. The analysis argues the sell-off is not about near-term numbers (ServiceNow beat guidance, raised its full-year outlook, grew subscription revenue 22%, and holds a 97% renewal rate) but about the market repricing the company's 'terminal value' on fears that AI agents could commoditize the workflow layer. Using a seven-layer enterprise data stack and a software repricing matrix, the host builds bear, base, and bull cases with specific share-price ranges, then lays out four signals (demand, profit, AI monetization, and the moat) plus four dated earnings checkpoints to test which scenario the data confirms.
The Underdog That Refused to Retrofit
UJET is a cloud-native, mobile-first, CRM-native contact-center-as-a-service (CCaaS) platform positioning itself as the modern 'Experience Center' alternative to legacy giants like Five9, NICE, Talkdesk, and Genesys. Built around enterprise-grade AI, a zero-PII-storage architecture, and two-month deployments, UJET has raised roughly $231M across five rounds at an estimated ~$500M valuation. This story sizes up where the underdog actually stands in a consolidating CCaaS market where every vendor is shouting the same AI promises.