Buy the dip on ServiceNow stock with both hands; here's why

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After a strong start to the year, US stocks tumbled in April primarily due to challenging macro conditions and uncertainty around the timing of the first interest rate cut, expected sometime this year.

The S&P 500 fell 4.2% in April, while many individual components, like software giant ServiceNow ($NOW), fell even more. NOW stock dropped 9% last month and is now down for the year.

However, this dip presents a great buying opportunity for one of the most promising AI stocks on the market. NOW is one of the fastest-growing mega-cap listed on the market, outpacing even Microsoft, the biggest shareholder of ChatGPT parent OpenAI.

The company is firing on all cylinders and seeing robust demand for its AI applications. As a leader in digital transformation, ServiceNow is poised to significantly benefit from the AI boom, and its stock will likely go up again and reward long-term shareholders who buy at current prices. Here’s why.

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