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ServiceNow (NOW) and Adobe (ADBE) remain among the worst performers in the S&P 500 for 2026, trading significantly below their historical highs as investors weigh the impact of artificial intelligence on enterprise software valuations.
ServiceNow shares have fallen approximately 40% from their January 2025 record, while Adobe stock is down about 65% from its November 2021 peak.
Despite these declines, both companies continue to report double-digit revenue growth, suggesting that market sentiment may be outpacing fundamental performance.
ServiceNow's subscription revenue has expanded for three consecutive quarters, with year-over-year growth reaching 24.5% in the second quarter of 2026.
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