Stock Track | iShares Expanded Tech-Software Sector ETF Plunges 6.15% Intraday on AI Disruption Concerns and Weak Software Earnings

Stock Track04-24 01:53

The iShares Expanded Tech-Software Sector ETF (IGV) plummeted 6.15% during intraday trading on Thursday, reflecting a sharp sell-off in software stocks.

The decline was driven by mounting investor concerns about artificial intelligence disrupting the software industry, as well as weak earnings reports from major software companies. ServiceNow Inc. sank 17.5% after flagging margin pressures from a recent acquisition, while other software giants like IBM, Adobe, Oracle, and Microsoft also reported disappointing results, contributing to a broad-based SaaS sector retreat.

Broader risk-off sentiment due to stalled U.S.-Iran talks and escalating geopolitical tensions further weighed on technology shares, although semiconductor stocks bucked the trend with gains.

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