IGV ETF Breaks Above 200-Day Moving Average as Software Stocks Rally Past AI Fears

The iShares North American Tech-Software ETF (IGV) closed above its 200-day moving average on May 29, 2026, for the first time since Jan. 7, signaling a potential trend reversal and defying forecasts that AI from Anthropic and OpenAI would rapidly make enterprise software obsolete. The ETF has surged 35% from its April 10 lows. A recent boost came from Snowflake (SNOW), which crushed profit estimates and raised guidance on strong AI-related demand. Cybersecurity names CrowdStrike (CRWD) and Palo Alto Networks (PANW) also rallied as advanced AI models heightened enterprise security risks. Still, slower 2025 revenue growth and cautious corporate spending linger. Salesforce (CRM) repurchased $27 billion in shares but still sold off on earnings day, underscoring the sector's persistent growth concerns ahead of expected AI model updates.