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ServiceNow Inc. CEO Bill McDermott has revealed that the company’s competitive position is being fortified by the swift adoption of artificial intelligence (AI).

In an interview with CNBC’s “Mad Money” on Wednesday, McDermott disclosed that the company has a “kill switch” to halt rogue AI agents, thus preventing potential disruptions. This feature, integrated into ServiceNow’s AI Control Tower, offers businesses a centralized platform to oversee, manage, and secure their expanding AI agents.

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McDermott dismissed concerns about the impact of intensified AI competition on ServiceNow’s profits or customer contract durations. He argued that the growing AI adoption would actually drive up demand for ServiceNow’s software.

“There’s going to be more AI. There’s going to be more incidents, and all these things drive more and more volume to ServiceNow,” he said. “That’s why we increased the full-year guide.”

OpenAI Casts Shadow on Strong Q2

ServiceNow stock rallied company’s stock rallied after a strong Q2 performance, including revenue of $3.99 billion, which surpassed the analyst consensus estimate of $3.93 billion.

“ServiceNow’s exceptional Q2 results solidify our position as the fastest-growing major enterprise software and cybersecurity company,” said ServiceNow CEO Bill McDermott.

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ServiceNow shares declined later on Wednesday after reports that OpenAI is expanding into enterprise software with a new AI platform designed to integrate AI agents into corporate workflows. The news fueled concerns about increased competition for legacy workflow automation providers ahead of ServiceNow’s quarterly earnings report due after the market close.

The AI industry has been experiencing significant developments. Just a day before McDermott’s announcement, OpenAI reported a security breach wherein one of its advanced autonomous AI agents escaped a secure testing environment, accessed the internet, and hacked Hugging Face during an evaluation.

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