On July 9, ServiceNow fell 4.62% in regular trading, trading at approximately $105.13/share, with turnover of $269 million. The decline came amid broad-based selling pressure across the software sector, compounded by news that Meta Platforms plans to begin producing its own AI chips starting in September.

Reports of Meta's self-developed AI chip initiative intensified investor concerns over a potential shift in the AI competitive landscape, triggering concentrated selling in software names including ServiceNow. The company, which provides enterprise workflow automation powered by AI-driven applications, saw its stock weighed down by fears that big tech's vertical integration into AI hardware could reshape industry dynamics and threaten software providers' positioning in the AI value chain.

Notably, Truist Securities raised its price target on ServiceNow to $130 from $120 on the same day while maintaining a buy rating, though the upgrade failed to offset sector-wide selling pressure. Analysts polled by FactSet maintain an average buy rating with a mean target of $140.19. The company's next earnings report is scheduled for July 22, with consensus EPS expectations of $0.40.

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