Anthropic killing all software companies? This chart says nope.

Software stocks received a notable lift after Snowflake’s blowout quarter and guidance raise, helping the iShares North American Tech-Software ETF close above its 200-day moving average for the first time since Jan. 7. The ETF has rallied roughly 35% from April 10 lows, and cybersecurity and enterprise names (CrowdStrike, Palo Alto) have joined the rally amid renewed optimism that incumbents can benefit from — rather than be displaced by — AI. The note flags lingering risks (slower revenue growth in 2025, delayed enterprise buying) and urges caution that the rebound may be priced in.