The purple pill: AI is neither utopia nor collapse; compute builds the AI economy, but governed software runs it. ServiceNow owns that workflow-control layer. NOW is not weak seat-based software; it is enterprise infrastructure with 8,700 customers, 98% renewal rates, $4.636B of 2025 FCF, and real AI monetization. Semis are priced for perfection, software is under-loved, and NOW offers the cleaner inversion: AI Control Tower, enterprise execution, durable margins, and potentially 90% upside.