BREAKING: Every S&P 500 software stock is now trading below its 200-day moving average for the first time since the April 2025 bottom. At the same time, ~89% of the Semiconductors & Semiconductor Equipment sector stocks are above this threshold. This marks the biggest gap between the two sectors on record. Both metrics moved in lockstep, hitting 0%, during the 2022 bear market. As a result, the Software index has dropped -30% since November and is trading near its lowest since April 2025. By contrast, the Semiconductor & Semiconductor Equipment index has been flat and sits near an all-time high. Software stocks are more hated than ever.(The Kobeissi Letter)