ServiceNow CEO is sure AI won't eat software. He's betting big on his own stock to prove it. (www.businessinsider.com)

ServiceNow's CEO, Bill McDermott, has expressed strong confidence in the software industry's resilience against the rise of AI, asserting that it won't replace software but enhance it. To back his belief, McDermott is significantly investing in ServiceNow stock and has committed to remaining CEO until 2030. His remarks follow a strong earnings report from the company, which included a partnership announcement with AI startup Anthropic, yet the stock has seen a 40% decline due to investor fears about generative AI's impact on corporate software. McDermott's proactive measures, including a $5 billion stock repurchase program aimed at buying back $2 billion worth in the near term, underline his confidence in the company’s future. He has also restructured his compensation to align more closely with ServiceNow's stock performance, effectively increasing his financial stake in overcoming market skepticism. McDermott remains optimistic about the company’s revenue growth and improving cash flows, insisting that ServiceNow deserves and will achieve a higher market valuation as it continues to innovate in the AI space.