The Great Software Divergence: Infrastructure ETF Bottoming While Mid-Cap SaaS ETF Still in Freefall — 'The Seat Is Dying, but the Query Is More Valuable Than Ever'

FinancialContenthigh signal

Barchart and FinancialContent analysis reveals a stark two-tier cloud market: SKYY (infrastructure ETF with Oracle, Microsoft) shows 20-day moving average flipping uptrend, while WCLD (mid-cap SaaS ETF) remains down 20% YTD and 'still searching for a floor.' The divergence is driven by $2.5T in global AI spending (40% YoY increase) and hyperscalers expected to spend $600B+ in capex (nearly double 2025). Infrastructure wins because consumption-based pricing survives headcount cuts; per-seat SaaS dies when AI agents replace employees.

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The Great Software Divergence: Infrastructure ETF Bottoming While Mid-Cap SaaS ETF Still in Freefall — 'The Seat Is Dying, but the Query Is More Valuable Than Ever' | MindPattern