$Microsoft(MSFT)$ Software stocks had a strong quarter, bouncing back as concerns about AI disrupting traditional software names faded. The iShares Expanded Tech-Software ETF rose 17%, while the iShares Semiconductor ETF fell 11%, showing money rotating out of some chip names that had run hard. Salesforce gained 46%, with investors treating AI as more of a growth driver now, helped by the Claude integration through Claudeforce, solid quarterly results, and buybacks. Jim Cramer thinks Salesforce still has upside and was also positive on Microsoft, which added 37%, pointing to strong Copilot demand, accelerating Azure growth, and early signs that data-center spending is starting to pay off. Workday and Veeva were up 55% and 60%, and CrowdStrike rose 39% as AI-driven cyber threats kept security demand intact.
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