ServiceNow’s shares have been choppy this fall, mirroring swings in tech stocks. After hitting an all-time high earlier in 2025, the stock corrected as broader tech indices have advanced only modestly. The S&P 500 tech sector is up on the year, but ServiceNow underperformed amid concerns over U.S. federal IT budgets and AI-related valuation riskts2.techts2.tech. For example, a recent pullback brought NOW down near the mid-$900 range. In late July the stock briefly spiked on a strong Q2 earnings beat, but gave back gains in September as investors grew wary. Volume and momentum: Trading volume has averaged around 1–1.3 million shares recently, and NOW is forming a base near its 50-day moving average. If demand for AI-driven software remains strong, some analysts argue the October earnings could trigger a rebound in the stock.