ServiceNow (NOW) Stock Hit by Double Trouble: War Fears and AI Agents

TLDR

• ServiceNow (NOW) stock fell roughly 7.86% on Friday, April 10, 2026, trading around $89.81 per share.
• The drop was triggered by reports of a ceasefire breach in the Middle East, reigniting geopolitical fears.
• Anthropic’s launch of Managed Agents — autonomous AI systems — raised concerns about disruption to traditional SaaS platforms.
• Short seller Michael Burry added to the sell-off with a since-deleted social media post suggesting Anthropic was threatening Palantir, drawing attention to SaaS vulnerability.
• NOW is now down 38.3% year-to-date and trading 56% below its 52-week high of around $211.

ServiceNow (NOW) entered the session on Friday in rough shape and only got worse. The enterprise workflow giant saw its stock fall close to 8%, closing around $89.81, as a pair of fresh catalysts hit an already fragile market.

ServiceNow, Inc., NOW

It was not a good day to own SaaS stocks.

The first hit came from geopolitics. Reports of a ceasefire breach in the Middle East rattled markets early in the session. Just ten days earlier, NOW had gained 6.2% after President Trump signaled productive talks with Iran were underway. Friday erased much of that optimism.

The second hit was closer to home for ServiceNow specifically. Anthropic announced the launch of Managed Agents — autonomous AI systems capable of executing complex, multi-step tasks without human input. Traders interpreted this as a direct threat to the traditional SaaS model, where human-operated tools handle business workflows.

Short Seller Adds Fuel to the Fire

Michael Burry, the investor known for his contrarian bets, posted and then deleted a social media comment claiming Anthropic was “eating Palantir’s lunch.” While brief, the post drew attention to the broader vulnerability of legacy SaaS platforms to next-generation AI solutions and amplified the sell-off.

Burry’s deleted post did not change any fundamental facts about ServiceNow’s business, but in a jittery market, it did not need to.

NOW has now fallen 38.3% since the start of the year. At $89.81, it sits more than 56% below its 52-week high of $211.48 reached in mid-2025. Someone who bought $1,000 worth of the stock five years ago would be sitting on roughly $858 today.

The company has had 11 moves greater than 5% in the past year, so while Friday’s drop was sharp, it is not out of character for the current trading environment.

ServiceNow’s Business Still Growing

Despite the stock’s brutal year, ServiceNow’s underlying financials remain solid. Full-year 2025 revenue came in at $13.3 billion, up 21% year over year. Subscription revenue, which provides predictable recurring income, accounted for $12.9 billion of that total.

The company ended 2025 with $28.2 billion in remaining performance obligations — a forward-looking measure of contracted revenue — up 27% year over year.

ServiceNow has also moved to address the AI threat directly. It has partnered with both Anthropic and OpenAI, and earlier this year it acquired Moveworks, an AI agent provider whose clients include Toyota and Unilever. That technology was folded into a product called Autonomous Workforce, launched in February, which the company says can resolve 90% of common IT support issues automatically.

The stock was last trading at $89.81, with a session low of $88.66.

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