Markets
Software Stocks Stage Historic Rebound: IGV Surges 14% in One Week as Institutional Buyers Rotate Back
After an 18-month 'SaaS Apocalypse' that erased ~$2 trillion in market cap, the iShares Software ETF (IGV) surged 14% the week of April 13 — outpacing even semiconductors (SOXX +7.5%). Oracle jumped 25% on $553B in RPO (325% YoY), while ServiceNow, Snowflake, Shopify, and Datadog all rallied 15%+. The catalyst: enterprise buyers recognized AI agents are becoming software's primary users, not its replacement. Salesforce (-43% Q1) and Workday (-40% Q1) partially recovered as 'Systems of Record' thesis took hold.
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