MS TMT Takeaways: NOW, SNOW, UBER, TSM, U, NET

Here are some notes (some thanks to our new analyst Grok 3) on 6 of the companies we thought sounded most bullish at MS TMT. File these away for when fundamentals start to matter again…. Please pass along any interesting nuggets you hear in presos/meetings…

NOW: Bill McDermott, CEO

• AI and Agentic Computing Expansion: McDermott emphasized ServiceNow’s evolution into an AI-driven platform, leveraging generative AI (GenAI) to automate workflows across enterprises. The company’s total addressable market (TAM) has grown from $1.5 billion to $0.5 trillion, driven by its new Workflow Data Fabric and a high-speed database (RaptorDB) that integrates with any data source (e.g., Snowflake, AWS), positioning ServiceNow as a leader in agentic computing.