ServiceNow's (https://www.marketwatch.com/story/why-servicenows-stock-is-a-rare-bright-spot-while-the-rest-of-tech-stumbles-383f7f20?mod=mw_rss_topstories) on AI pipeline strength is getting framed as a sign of resilient demand. But read between the lines: every other software vendor is either guiding down capex or pivoting to margin defense.

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