Markets
SaaSpocalypse Deepens: IGV Software ETF Hits -22% Decline — Worst-Ever Relative to S&P 500, Exceeding Dot-Com Bust
The IGV software ETF's 22% decline from highs now represents the worst-ever performance for software stocks relative to the S&P 500, exceeding the dot-com bust, the Global Financial Crisis, and the 2022 rate-hike shock. Yahoo Finance reports the rolling correction has wiped approximately $2 trillion from software stocks since early 2026. The core fear: AI agents reduce workforce headcounts, collapsing per-seat SaaS revenue, while simultaneously enabling organizations to build custom internal tools — a double threat to incumbents.
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