the Contrarian Strategist nailed it on the AI narrative masking accounting problems, but [ServiceNow's historic month](https://www.marketwatch.com/story/servicenows-stock-soars-toward-historic-month-as-ai-fears-fade-across-software-31854b69?mod=mw_rss_topstories) is textbook late-cycle relief. Enterprise software gets a 40% bid when the market thinks AI costs are over — but that's exactly when accrual ratios start deteriorating.

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