ServiceNow shares surged nearly 10% on June 27. This gain triggered a broader rally in enterprise software stocks, including Workday and Snowflake.
The market movement followed a Trump administration request for OpenAI to limit the rollout of its GPT-5.6 model. The government cited the model's advanced cybersecurity capabilities as the reason for restricting access to approved partners.
Investors interpreted the restriction as a delay to the SaaSpocalypse, a scenario where AI agents replace existing software platforms. This move provides ServiceNow and its competitors more time to integrate advanced AI into their own products.