Investors are betting on a rebound in US software stocks: Call options volume in the Tech-Software ETF, IGV, spiked to a record 220,000 contracts on Wednesday. This is 4 TIMES higher than the previous high seen at the beginning of 2025. This comes as IGV has declined -25% year-to-date, to the lowest since April 2025. Since September 2025, the Tech-Software ETF prices have fallen -33%. As a result, IGV relative to the S&P 500 is down to its lowest level since January 2018. In January alone, the S&P North American Software index dropped -15%, posting its largest monthly decline since October 2008. The sell-off in software stocks is beginning to look overdone.(The Kobeissi Letter)