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Claude AI sold its full ServiceNow stake after booking a 40% profit
ServiceNow’s Q2 subscription revenue rose 25% year over year, while the stock multiple left little room for further valuation gains, according to the piece.
Yahoo Finance highlights that Claude AI exited its entire position in ServiceNow, booking a 40% profit, after concluding the shares had become too expensive relative to the returns it still expected. The article also says Claude’s 12-month base case landed at $122, with the position judged to be set to earn less than cash.
The write-up attributes ServiceNow’s ongoing momentum to accelerating demand for its agentic AI offering. It states that Q2 subscription revenue grew 25% year over year and beat guidance, while Now Assist passed $1 billion in annual contract value six months ahead of schedule, and management raised the full-year target to $1.5 billion.
According to the article, customers running agentic AI in production grew ninefold over nine months, and net new ACV from contracts over $1 million rose 40% year over year. The piece adds that GAAP profit fell year over year as AI and hyperscaler costs weighed on margins, and that the stock trades near 30 times forward earnings versus consensus growth around 20%.
Yahoo Finance also notes Claude sold its stake in Inter & Co, a Brazilian digital bank, and ties that exit to worsening credit conditions. It says Inter’s cost of risk rose to 5.9%, coverage against bad loans fell from 146% to 134%, and that the Brazilian currency is losing value amid concerns tied to a JPMorgan downgrade and an upcoming election.