Investors are rushing into US software stocks: The Tech-Software ETF, IGV, posted a combined +$1.5 billion 2-day inflow on Wednesday and Thursday, the 2nd-highest on record. This is second only to the +$1.7 billion seen in 2024. As a result, IGV trading volume spiked to a record 86 million shares in the 3 days ending Thursday. This nearly DOUBLES the previous peak seen in early 2021 during the meme stock mania. All while call options volume in the fund surged to a record 252,000 contracts on Thursday, following 220,000 contracts on Wednesday, 5 TIMES above the 2025 high. Investors are placing massive bets on a software sector recovery.(The Kobeissi Letter)