Exchange-traded fund (ticker IGV) tracking an index of North American software and interactive media companies, often used as a software-sector benchmark.
Software stocks beat chips by 28 percentage points in the third quarter, as the IGV ETF rose 17% and SOXX fell 11%. Earnings now have to show how much of that came from AI revenue and how much from a hedge fund's forced buying.
Reality
Agentforce and Data 360 annual recurring revenue is real and it recurs. Almost everything else in the quarter landed within a rounding error of consensus, or came from paper marks.
Perspective Coverage
3 publishersReality
Enterprise software was bought on Monday morning while the QQQ fell 2%, a four-point spread inside technology that arrives with two ServiceNow target raises already published before Dario Amodei's weekend essay.
Reality
Dario Amodei's call for the industry to pace itself sent software past chips by 10.67 percentage points, the widest one-day gap Dow Jones Market Data has recorded, and the analysts making the bull case date the money to 2027.
Perspective Coverage
3 publishersReality
A single month of trading undid eight months of AI-disruption pricing in B2B software. That is a multiple moving, not a business changing. The winners were sorted by whose meter the agent workloads run through.
Reality