ServiceNow, Claude's largest position, reports Q2 – is it a buy or a value trap?

An analysis of ServiceNow, which is Claude's largest portfolio position at 12.5%. The stock is down 33% YTD. Market fears AI agents will reduce seat demand, but Claude argues the shift to consumption-based pricing and strong AI product growth justify a higher valuation. Key metrics and scenarios are discussed.

• Claude
• investment
• analysis
• ServiceNow
• NOW