Many AI stocks have been hit hard in the ongoing market pullback.
But not today’s daily stock pick, which has managed to maintain a very tight trading range during said pullback and is up over 50% year-to-date.
That’s not the only reason I’m spotlighting this stock, though.
You see, the company just released a powerful generative AI upgrade to its core product – an upgrade the company’s CEO described as its “iPhone moment”.
On top of that, this company has also just inked a partnership with Nvidia…
Is already spitting out free cash flow…
And is seeing its top line revenue accelerating by over 25%.
Put all these together, and you have an AI company that – at the very minimum – is worth putting on your watchlist.
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ServiceNow, Inc. (NOW)
NOW is a cloud software company with an enterprise platform that helps businesses digitize and automate their workflows. In short, its value proposition is to help businesses boost productivity by automating away inefficiencies.
And yesterday, the company announced the latest upgrade to its platform – codenamed “Vancouver”. This upgrade allows its clients to embed generative AI across all its workflows on the platform, a feature called Now Assist. Essentially, this generative AI tool will be able to communicate with the platform’s users in a variety of ways – from generating problem summaries to turning text into code.
NOW’s CEO Bill McDermott calls it the company’s “iPhone Moment” – and there’s a strong case supporting his statement.
Even before this upgrade, NOW had already been demonstrating solid growth, with subscription revenue for the second quarter growing over 25% on a yearly basis. With this upgrade, it is likely only to further accelerate.
NOW has also agreed to integrate Nvidia’s AI chips to help make its platform run even more efficiently. In return, Nvidia will use NOW’s AI products in its own R&D operations.
In short, everybody wins. And with NOW stock in your portfolio – you could stand to win too.
To your wealth,
Felix @ Ace of Investing