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瑞銀下調評級稱，隨著人工智慧自動化風險日益加劇，ServiceNow的護城河受到威脅

-- 瑞銀證券週五在電子郵件報告中指出，隨著越來越多的證據表明，利用人工智慧模型可以實現工作流程自動化任務的自動化，ServiceNow (NOW) 的競爭優勢可能已經減弱。 這家提供軟體即服務 (SaaS) 和平台即服務 (PaaS) 的公司，也可能面臨企業在非人工智慧或核心軟體方面的支出減少的不利因素。 瑞銀分析師 Karl Keirstead 和 Claire Gerdes 在致客戶的報告中表示：“我們此前一直認為，ServiceNow 是我們唯一給予買入評級的應用軟體股票，原因在於它比 Salesforce (CRM) 和 Workday (WDAY) 等同行擁有更寬廣的護城河和更具說服力的‘人工智能贏家’故事。” 「但現在，鑑於有跡象表明，利用人工智慧模型確實可以實現工作流程自動化任務的自動化，我們對這一觀點的信心有所下降，這增加了更多企業可能選擇這種方式而不是升級到 ServiceNow 的 Pro Plus/Now Assist 庫存單元的風險。」兩位分析師寫道。瑞銀將 ServiceNow 股票評級從“買入”下調至“中性”，並將目標價從 170 美元下調至 100 美元。 該公司股價在周五下午的交易中下跌 8.6%，今年迄今累計跌幅達 46%。 瑞銀表示，目前預計 ServiceNow 未來幾季的業績將「低於預期」。 分析師表示：「儘管 ServiceNow 以往業績表現優異，因此我們並未預測其業績會不及預期，但目前最有可能的情況是，未來幾個季度的業績將低於預期，並且其 2026 年有機增長（按固定匯率計算的訂閱收入）19% 的預期上限也將受到限制。」 今年早些時候，ServiceNow 同意根據一項多年期協議，將 OpenAI 的人工智慧模型直接整合到其業務軟體中，旨在幫助企業加速採用人工智慧並取得成效。 ServiceNow計劃於4月22日公佈第一季財務業績。

Price: $82.33, Change: $-7.48, Percent Change: -8.33%

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