Software Stocks Post Best Month Since 2001 — IGV Up 21% in May as SaaSpocalypse Narrative Reverses
CNBC·high signal
The iShares Expanded Tech-Software ETF (IGV) rose 21% in May 2026, the best monthly performance since October 2001. The recovery was driven by Snowflake's $6B AWS infrastructure deal and revenue beat (stock up 46% in two sessions) and Okta's Q1 earnings surprise ($765M vs $752M consensus, stock up 30%). Despite the historic month, IGV remains down 3.8% YTD, badly lagging the Nasdaq's 18% gain — and many names remain 40-60% below 2021 peaks.