Quick one today, on two positions you know from this letter. In February I told ServiceNow readers to watch Now Assist ACV; the company deleted the metric. Bloom readers got told the backlog had doubled to $20 billion — and a short report just built its case on what that backlog isn’t.
ServiceNow: Two Clocks Into July 22
I published The Orchestration Layer in February with the stock at $107. As I wrote then: “ServiceNow isn’t the victim of the agentic revolution. It’s the infrastructure.” The stock closed Friday at $107.71. Five months, a repackaged catalog, an autonomous agent shipped to GA, three more acquisitions, and the market had moved the stock seventy-one cents. It has ticked up to $111.26 as I send this; the point stands.
