Did tonnes of research into $NOW , found loads of reasons to be bullish
Especially after interviewing customers and employees: massive switching costs, AI monetisation going really well etc. The seat based contract thing is a non issue for me too, they're an AI winner imo.
But when I saw that MSFT were pushing for CoPilot to have general users just ask it what task they want via Teams, and then the AI agent triggers the action, I realised half of NOW's use cases vanish overnight.
Yes NOW will still exist but as a commoditised backend, which has less pricing power and therefore growth.
What am I missing??