The companies repricing fastest are guiding down, and the ones selling compute are guiding up.

Saxo's August 7 analysis puts numbers on the split: HubSpot grew Q2 revenue 20% yet lowered full-year outlook explicitly because of deliberate pricing and sales-model changes, while ServiceNow grew subscription revenue about a quarter with AI products crossing $1B in annual contract value, SAP posted 26% constant-currency cloud backlog growth, Adobe more than tripled AI-first ARR, and Shopify grew 34% with AI-driven orders up 3x. The mechanics show in the pricing pages: Atlassian's new Flex model lets customers commit a fixed budget and shift it between seats, apps, and AI usage, and Salesforce reports "agentic work units" alongside adoption. The market isn't punishing AI exposure. It's punishing the transition. Vendors are inventing fungible-budget SKUs specifically so the seat-to-usage shift stops showing up as a guidance cut. (Yes, that's the same SAP with the hiring freeze. Both things are true.)