Retail investors are buying US tech stocks at an unprecedented pace: Retail purchases of the Software ETF, IGV, are up to a record +$176 million over the last month. This is more than DOUBLE the previous peak seen in late 2024 and 12 TIMES higher than at the beginning of 2026. This also marks one of the most aggressive retail buying in technology stocks since the data began. The surge comes as software stocks dropped -33% from their October 2025 peak and posted their worst January since 2008. Meanwhile, Amazon, AMZN, has overtaken Nvidia, NVDA, as the most purchased US stock by retail investors over the last few sessions following its post-earnings decline. Retail investors are betting heavily on software stocks.(The Kobeissi Letter)