SaaS valuation is shifting toward measurable AI monetization

ServiceNow’s reported move toward consumption-based AI pricing, SAP’s cloud-backlog and AI-monetization test, Salesforce guidance comparisons and Kingdee’s 19.3% ARR growth with RMB1.002 billion of AI-native contracts show that investors are demanding evidence in ARR, retention, bookings and margins. Adoption, pricing durability, stock compensation and cash conversion remain unresolved risks.