ServiceNow CEO Highlights Long-Running Partnership With Nvidia, 'Lightening Fast' AI Models That Run Inexpensively: 'We're The Unicorn'
Portfolio Pulse from Adam Eckert
ServiceNow Inc (NYSE:NOW) shares surged after the company beat Q2 earnings estimates. CEO Bill McDermott highlighted the company's strong performance and its exclusive enterprise AI platform, powered by NVIDIA Corp (NASDAQ:NVDA). ServiceNow's revenue grew 22%, and remaining performance obligations increased by 31%. The company's Now Assist business doubled quarter-over-quarter, driven by Gen AI. The partnership with NVIDIA has been crucial in building ServiceNow's AI stack, enhancing productivity and customer satisfaction.
July 25, 2024 | 6:20 pm
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POSITIVE IMPACT
ServiceNow shares surged after beating Q2 earnings estimates. The company reported a 22% revenue increase and a 31% rise in remaining performance obligations. The Now Assist business doubled, driven by Gen AI. The partnership with NVIDIA has been crucial in building ServiceNow's AI stack.
ServiceNow's strong earnings report and significant growth in key metrics like revenue and remaining performance obligations are positive indicators. The doubling of the Now Assist business and the strategic partnership with NVIDIA further enhance the company's growth prospects.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
NVIDIA's technology is powering ServiceNow's AI platform, contributing to ServiceNow's strong performance and growth. The long-standing partnership has been crucial in building ServiceNow's AI stack, enhancing productivity and customer satisfaction.
NVIDIA's role in powering ServiceNow's AI platform is a positive indicator for the company. The long-standing partnership and the use of NVIDIA's technology in ServiceNow's AI stack highlight NVIDIA's importance in the AI enterprise software market.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 50