Software ETF Attracts $733M Inflows as ServiceNow Surges 5.45%
The iShares Expanded Tech-Software ETF drew $733 million in net inflows on May 7, its largest daily haul this year. ServiceNow shares rose 5.45% after management set a path to over $30 billion in annual subscription revenue by 2030, implying 20% yearly growth.
1. ETF Inflows Surge
On May 7, the iShares Expanded Tech-Software ETF recorded net inflows of $733 million, marking its largest single-day addition this year as investors rotate back into growth tech exposures.
2. ServiceNow Growth Path
ServiceNow shares jumped 5.45% after executives outlined a trajectory to exceed $30 billion in annual subscription revenue by 2030, forecasting roughly 20% annual growth from $15.7 billion projected in 2026 and maintaining gross margins above 80%.
3. Broad Software Rally
Other software names including Palantir and Uber experienced chart breakouts, contributing to the sector's bullish momentum and bolstering inflows into software-focused ETFs alongside the ServiceNow-driven surge.