With Its Nvidia Partnership in Hand, Is ServiceNow Stock a Buy?

After more than a decade of rapid cloud-computing growth, 2023 has finally been the year the industry has slowed a bit. Companies are in cash conservation mode, and they're finding far less use for new subscription-software services than in the recent past. 

But one theme has been resilient: artificial intelligence (AI). Or put more simply, automation. With the economic slowdown and high inflation pinching budgets, companies are looking for ways to do more with less. As a result, ServiceNow (NYSE: NOW) has bucked the slowdown many cloud software companies have been reporting, and a new partnership with Nvidia (NASDAQ: NVDA) announced earlier this year could help sustain the company's lead.  

ServiceNow provides a software-based platform for businesses to digitize their workflows. Be it technology, employee, or customer-facing tasks, ServiceNow helps integrate data across an organization to uncover inefficiencies and help its customers delete or automate these inefficiencies to boost productivity.

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Source Fool.com