Death of software 'greatly overstated' as sector flips the script on chip stocks: Chart of the Day

Software stocks, once left in the dust, have roared back in recent months as high-flying chip stocks take a back seat. "One of the things that was greatly overstated earlier this year was the death of software," Brian Mulberry, Zacks Investment Management chief market strategist, told Yahoo Finance on Tuesday. "In order to engage with these AI tools … you need software to customize those tools for your business, " he said. The iShares Expanded Tech-Software Sector ETF (IGV) is up 15% over the past three months and more than 40% higher from its April lows. Among individual movers, Microsoft (MSFT) and Palantir (PLTR) are both up 30%, while Salesforce (CRM) has risen more than 50% during the period.