The rush of retail investors into software stocks is accelerating: Retail investors now reflect a record 8% of total trading volume in the S&P 1500's Software & Services sector. This percentage has DOUBLED since the 2022 bear market. Furthermore, the 21-day moving average of this metric is up to 7.5%, near the highest on record. According to JP Morgan, retail trading activity in the sector has historically only been higher than it is now in 3% cases. The most popular names among retail investors include Microsoft, MSFT, ServiceNow, NOW, and AppLovin, APP. Individual investors are also heavily buying Nvidia, NVDA, and Broadcom, AVGO. Risk appetite among retail is stronger than ever.(The Kobeissi Letter)