Yahoo Finance | EN590 Commodities
EN590 Commodities GroupMarket Analysis 2026-08-25T10:00:00+00:00
Software stocks are near record highs. Chips are still stuck in a bear market — except Nvidia (NVDA) never really joined them. Chip stocks peaked on June 22. Software bottomed right around then, kicking off a multitrillion-dollar reversal that has sent the two groups in almost perfectly opposite directions. Strip out the megacaps, and the symmetry is wild. Theequal-weightSPDR S&P Software & Services ETF (XSW) is up about 24% since then, while the equal-weight SPDR S&P Semiconductor ETF (XSD) is down about 24%. That nearly 50-percentage-point gap is the widest comparable software-over-chips move in the ETFs' history, dating back to 2011. In a Yahoo Finance basket of 45 software stocks, 37 are higher since June 22. Among 60 chip stocks, 59 are lower. The money involved is enormous. Microsoft
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