$iShares Expanded Tech Software Sector ETF(IGV.US) saw a slight rise, and $VG Info Tech(VGT.US) is also rising, with the software one performing even better. With similar tech exposure, the elasticity of pure software is clearly a notch higher than broad-based indices that include hardware 😸
When interest rate expectations turn looser, assets with longer duration react first. Since software cash flows are inherently distributed further back than hardware's, this sequence repeats every cycle.
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