ServiceNow Inc. shares suffered a record intraday drop after the company gave an outlook for quarterly subscription sales that met analysts’ estimates, but failed to quell Wall Street’s anxieties that artificial intelligence will disrupt the software maker.

Microsoft Corp. posted increasing growth in its cloud business and kept its capital expenditures in check, satisfying investors amid a drumbeat of concern that spending on artificial intelligence won’t pay off.

Oracle Corp. shares jumped after the company gave a long-term outlook for free cash flow that eased investor nerves about the potential payoff from its artificial intelligence spending.