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NOW shares gained 7% in Monday’s premarket, extending sharp gains from last month.
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Huang believes agentic AI is a tailwind for Saas, dismissing concerns that the technology would disrupt the sector.
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Stocktwits sentiment for NOW climbed higher in the ‘extremely bullish’ zone.
ServiceNow shares rose 7% in premarket trading on Monday, extending their rally as investors appeared to rotate back into software stocks, after Nvidia CEO Jensen Huang suggested that software companies would not be displaced by AI, but instead stand to benefit from the technology’s rapid adoption.
Speaking at the Computex 2026 technology conference in Taipei on Monday, Huang said that he was asked whether AI agents would disrupt the software market. “I said, (it’s) completely opposite. And you can see it. (AI) agents is the going to create the largest opportunity for my partner companies,” he said, before a slide featuring Nvidia’s partners including Palantir, Crowdstrike, SAP, and Synopsys, among others.
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On March 5, Nvidia and ServiceNow announced an expansion of their existing partnership to build AI agents for enterprises. Last week, ServiceNow shares recorded their best day in a year, and Bank of America analyst Tal Liani reinstated coverage of the stock with a buy rating.
ServiceNow’s AI Control Tower platform provides centralized governance and management of autonomous AI agents across the enterprise, a role Liani called “mission-critical” for organizations.
Investors Return To NOW, Broader SAAS
Overall, NOW shares gained 41% last week, their best move since the company’s initial public offering in June 2012. In fact, the entire software space is seeing renewed interest: the iShares Expanded Tech-Software Sector ETF (IGV) rallied 21% in May, its best move since October 2001.
Retail View On NOW
NOW trended among the top tickers on Stocktwits early Monday, with retail sentiment moving higher in the ‘extremely bullish’ zone.
“The AI boom doesn’t seem to be reducing the importance of software companies. $NVDA CEO Jensen Huang recently said AI is creating more opportunities, not fewer,” said a trader.
“Looking at recent price action for $NOW, $MSFT, $IGV the software space has been showing improving momentum, with several names appearing to have already established their lows,” they added.
Another trader wrote: “My entire portfolio is about to take a big leap forward if this overnight gains sticks. I’ve been so bullish on SaaS during this sell off and it’s about to fall pay off.”
