ServiceNow Shares Climb After Snowflake’s 38% Surge, $6 B AWS AI Deal
NOW•ServiceNow shares rose following Snowflake’s 38% pre-market surge driven by its better-than-expected fiscal Q1 results with revenue up 33% year-over-year to $1.39 billion. Peers and the Tech-Software ETF (IGV) jumped as analysts highlighted a new $6 billion AWS AI collaboration and accelerating enterprise AI demand.
1. ServiceNow Stock Climbs on Peer Momentum
ServiceNow shares rose in pre-market trading as investors rallied behind software names benefiting from heightened AI demand, mirroring Snowflake’s 38% surge. The Tech-Software ETF (IGV) also jumped 24% since mid-April, underscoring renewed bullishness on enterprise AI integrations.
2. Snowflake’s Results Spur Broader Software Rally
Snowflake reported fiscal Q1 revenue of $1.39 billion, up 33% year-over-year, and unveiled a new $6 billion multi-year AWS collaboration to accelerate AI adoption. Analysts cited the strongest sequential product revenue dollar growth driven by AI products and noted deepened OpenAI ties as catalysts.
