Software stocks to mark biggest two-month gain since November 2002
QQQ•Short covering and cybersecurity strength support the rally
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Data analytics company S3 Research says the software rally was also driven by hedge funds covering short positions in the sector, while active ownership has jumped to a 12-month high.
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Cybersecurity stocks were among the strong gainers after OpenAI agent intrusion into Hugging Face systems last month, along with upbeat CrowdStrike
CRWD.Oforecasts. -
"Agentic AI has widened the attack surface faster than enterprises can defend it, and security budgets are being written against that gap," Yardeni Research said.
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Palo Alto
PANW.O, FortinetFTNT.Oshares have more than doubled in value year to date, while CrowdStrike is up 93% this year. -
Cybersecurity exchange-traded funds by Global X
BUG.Oand First TrustCIBR.Oare up 13% and 7%, respectively, in August.
S&P software index set for biggest two-month gain since 2002
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The S&P 1500 Software & Services Index is set for its biggest two-month gain since November 2002, reflecting a rebound in a sector previously viewed as vulnerable to AI disruption.
