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‘Frontier AI companies have no moat’: ServiceNow’s Amit Zavery on why markets are getting software wrong
ServiceNow’s Amit Zavery says investors are underestimating how AI will reshape software, arguing that frontier AI models lack a durable moat while enterprise context, domain expertise and measurable outcomes will remain critical.
ServiceNow’s President, Chief Product Officer and Chief Operating Officer Amit Zavery believes investors are making a fundamental mistake by putting all software companies in the same basket as artificial intelligence reshapes the industry. In an interview with CNBC-TV18 at ServiceNow’s World Forum in Mumbai, Zavery argued that frontier AI companies do not currently have a durable moat, while enterprise software platforms with deep domain knowledge and years of operational context could be harder to displace. “Not in the current model, no,” Zavery said when asked whether frontier AI companies have a moat. He likened large language models to infrastructure such as chips, arguing that ServiceNow can switch between models depending on their cost and performance.
“Customers don’t care what model I use; they care about the outcome,” he said. ” That flexibility is central to Zavery’s argument that the market is failing to distinguish between companies that AI threatens and those that can use it to strengthen their businesses. 5 billion, Zavery said, arguing that AI is accelerating demand rather than eroding the company’s business. He described ServiceNow as an “operating system” connecting different systems inside an enterprise, making it difficult to replace.
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