Highlights
- Software is re-emerging as a leadership theme after years of severe underperformance versus semiconductors, a trend that actually began well before the AI boom.
- Semiconductors have dramatically outperformed both software and the S&P 500, reaching new relative highs beyond their early-2000s Internet Bubble peak.
- Software remains in a long-term repair process, with downtrends still dominating most major timeframes despite recent improvement.
- Security, Design, and Database industries are current Software. . .
