ServiceNow -18%, IBM -9% Spark Software Selloff

ServiceNow shares plunged 18%, marking its worst trading day after earnings slightly beat estimates but cited U.S.-Iran war headwinds.
IBM beat earnings and revenue forecasts yet kept guidance unchanged, causing its stock to tumble 9.25% on the day.
The selloff spread to peers—Salesforce, Hubspot, Adobe, Intuit, Oracle, Workday—each falling 6‑9% and the iShares Tech‑Software ETF down ~5%.
Analysts warn AI from Anthropic and OpenAI could erode cloud subscription models as earnings from Alphabet, Amazon, Meta, Microsoft and Apple approach.