Investors are buying US software stocks: The Tech-Software ETF, IGV, has attracted +$1.5 billion in inflows so far in May, the 3rd-largest since November 2025. The fund is now on track for its 4th consecutive monthly inflow, the longest streak since the 2020 pandemic recovery. Over this period, investors have invested +$7.5 billion into the fund. This week alone, IGV has seen +$456 million in inflows, marking the 5th consecutive weekly intake. As a result, the Tech-Software ETF is up +28% since its April low. Investors are betting on a software sector recovery.(The Kobeissi Letter)