[JPMorgan: IGV up 21% in two months, recommends Microsoft, ServiceNow, Snowflake] According to Deep Tide TechFlow, citing research from Trend Research, JPMorgan's October 8, 2026, report noted that the Software Index ETF (IGV) has risen 21% since the end of June, with infrastructure software up 78% year-to-date. Last quarter, infrastructure software's average revenue exceeded expectations by 3.6%, while application software exceeded expectations by 1.4%. JPMorgan believes infrastructure software benefits from earnings revisions, while application software benefits from valuation re-ratings. It recommends Microsoft, ServiceNow, Cloudflare, and Snowflake. JPMorgan estimates that new Microsoft Copilot seats will reach or exceed approximately 10 million in the last quarter. ServiceNow's current remaining performance obligations exceeded expectations by about 200 basis points. HubSpot was downgraded to neutral, with the target price reduced from $268 to $240. Twilio's target price was raised from $260 to $335.