The software armageddon may be over

And it didn’t take another crash to end it

A week ago, we wrote that the software armageddon thesis was already losing edge. Ten days of earnings later, with all four hyperscalers reported, with Microsoft delivering the most consequential pricing-model statement of the cycle, and with the iShares Tech-Software ETF (IGV) breaking back through the 83.91 line that had marked the floor since the Apr…