Oracle, ServiceNow, and Atlassian shares fell 30–50% in 2026, but their AI businesses are accelerating — making them cheaper entry points for investors

Oracle's cloud division revenue jumped 44% year-over-year to $8.9 billion in Q3 2026 (ended Feb. 28), driven by customers buying AI data center infrastructure. Co-CEO Clay Magouyrk said demand for AI infrastructure "continues to exceed supply," validating the company's massive capital spending. Yet Oracle shares dropped well below their $345.72 peak from September 2025, creating a valuation gap.

ServiceNow, which fell over 30% through April 2026, possesses 85 billion workflows of customer data that competitors cannot replicate. The company launched Context Engine (an AI product) in April that uses an organization's policies and approval processes to help AI agents make decisions specific to each business. Q1 2026 subscription revenue reached $3.7 billion (up 22% year-over-year), a recurring revenue stream investors trust.

Atlassian's shares plummeted over 50% in 2026 through April 22, but Q2 fiscal-year 2026 revenue grew 23% year-over-year to $1.6 billion. Its Rovo AI product reached five million monthly active users, and CEO Michael Cannon-Brookes stated "AI is the best thing to happen to Atlassian." The stock's forward price-to-earnings ratio fell to near 12-month lows, reducing the cost to buy in for long-term holders.