---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42541994.md"
description: "$ServiceNow(NOW.US) fell over two percentage points, $Figma(FIG.US) also fell over two percentage points, $Salesforce(CRM.US) and $Adobe(ADBE.US) dipped slightly. A batch of major SaaS stocks collectively weakened that day.There's no issue with the fundamentals of these companies. The pressure seems more from valuation—AI is rewriting the per-seat pricing logic of SaaS, and the market is worried about their pricing power being eroded. Is this the beginning of AI's repricing of the SaaS business model, or just a short-term rotation where chips are strong and software is being drained of capital? I bet on the former. This round of valuation compression for software won't be digested in just a day or two."
datetime: "2026-07-09T10:33:50.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42541994.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42541994.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/42541994.md)
author: "[Fufu](https://longbridge.com/en/profiles/26996852.md)"
---

# $ServiceNow(NOW.US) fell over two percentage point…


### Related Stocks

- [CRM.US](https://longbridge.com/en/quote/CRM.US.md)
- [ADBE.US](https://longbridge.com/en/quote/ADBE.US.md)
- [NOW.US](https://longbridge.com/en/quote/NOW.US.md)
- [FIG.US](https://longbridge.com/en/quote/FIG.US.md)