ServiceNow built an empire on a fiercely disciplined promise: one single, unified platform with minimal downstream technical debt passed to the customer. But after an aggressive $11B acquisition spree spanning Moveworks, Armis, and Veza, that promise is officially dead. This week, we tear down ServiceNow’s massive architectural pivot to a multi-stack portfolio model—and outline the hidden integration risks, margin pressures, and "Ambient AI" threats that buyers and investors need to audit immediately.