It ain't over until it is over

The software selloff after ServiceNow and IBM has a fundamental reason. And that reason is exactly what makes this the defining test of the bottom thesis in Agentic Winners.

I. The actual reason for the selloff

The official explanation — delayed Middle East deals, Armis integration, cautious guidance — is the management narrative. The real reason is more fundamental: the question of genuine investment.

ServiceNow on April 22: Revenue beat ($3.77B vs. $3.75B consensus), cRPO +25% YoY, Now Assist ACV target raised from $1.0B to…