## THE THESIS IN ONE LINE
ServiceNow was sitting at $81 and 16x forward earnings six weeks ago. It’s at $124 today. The market was still applying 2022 rate-shock multiples to a company growing at 20%+. That’s the template. We ran 93 AI-adjacent tickers through the same lens. Here’s what the market is still missing.
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## MODEL CALIBRATION: $NOW
Before the …
