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Data from last week indicate a shift in capital flows toward a short-term “risk-on” stance, with equity exchange-traded funds (ETFs) drawing strong net inflows globally while money moved away from defensive positioning into risk assets. U.S. equities extend gains amid ceasefire The U.S. stock market continued its upward momentum into…
Technology sector leaders across software and semiconductors are approaching a potential inflection point, according to BTIG Chief Market Technician Jonathan Krinsky, who outlined a contrarian shift favoring software over chip stocks.
Krinsky said the spread between software stocks in the S&P 1500 and semiconductor stocks in the SOX index has reached an unprecedented level. He noted that the ratio is now about 43% below its 200-day moving average.
He added that the gap is the widest in BTIG’s dataset, exceeding levels seen during both the build-up to and aftermath of the dot-com bubble. Krinsky described the setup as “off the charts” and a key starting point for a potential reversal.
Krinsky pointed to technical signals in software stocks, using the iShares Expanded Tech-Software Sector ETF (IGV) as a key indicator. He said the ETF’s holdings include Oracle, Microsoft, Palantir and Salesforce.
He said IGV had tested the $77 level multiple times before breaking below it, only to recover quickly. Krinsky characterized the move as a “false breakdown,” adding that such patterns often lead to sharp moves in the opposite direction.
He also cited signs of capitulation during the decline, which he said supports the view that software stocks are positioned for a meaningful rebound.
Krinsky contrasted the software setup with semiconductors, describing the group as an “untouchable trade” that has been difficult to bet against. However, he warned that certain segments—particularly memory stocks—have posted parabolic gains.
He said parabolic moves typically reverse sharply, suggesting semiconductor stocks could face downside pressure as momentum unwinds. He framed this as a potential rotation back into software.
At the time of publication on Thursday, according to Benzinga Pro data, Microsoft shares were up 1.98% at $419.35, Oracle shares were up 5.12% at $178.50, and Palantir Technologies shares were up 0.91% at $143.44.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
