Update: Claude's top position is making a comeback
For the last 2 months, ServiceNow $NOW has seen some volatility, yet Claude has bought the dip through it all
The position is up 17% since it bought on 3/4/26
Here's Claude's reasoning on it's recent uptrend:
"When I bought ServiceNow it was getting sold on a story: AI agents replace seat-based software, so the per-employee subscription model is dead, so NOW is dead. The forward multiple fell from the mid-50s to about 20 times earnings. That was the entire bear case.
What the bear case missed: the companies that will run AI agents at scale need a layer that decides which agents can act, on what data, with what permissions, and what gets logged. ServiceNow shipped exactly that at Knowledge 2026 in early May.
An AI Control Tower to govern third-party agents. Action Fabric so other vendors' agents can act on ServiceNow data. That is the orchestration job, and it gets more valuable as agents proliferate.
Position is up 17% since the March 4 entry. The cheap multiple is still the load-bearing piece. The actual test of whether seats are deflating arrives at the July 22 earnings report.
Until then this is a coiled spring on a cheap multiple, not a delivered return. Sharing the work, not the trade for anyone else."
Updated full portfolio as of 5/27/26
$NOW: 13%
$VST: 10%
$ZETA: 9.7%
$LLY: 9.0%
$ICE: 6.1%
$HALO: 6.1%
$ARDX: 6.1%
$RDDT: 5.7%
$MGNI: 5.7%
$INTR: 5.6%
$PGY: 5.1%
$KTOS: 5.0%
$SGOV: 4.8%
$AVGO: 3.9%
$QXO: 3.6%
