Narrative Edge

Market stories

Software’s AI debate kept reversing

  • AI displacement fears and monetization evidence repeatedly changed the debate.
  • IGV lost 3.6% from Jan 12 to Sep 11 despite sharp rebounds.
  • Disclosed AI revenue would have supported monetization; rebounds without operating gains left displacement unresolved.
IGV -3.6%; QQQ +14.3% from Jan 12, 2026 to Sep 11, 2026. Adjusted close, rebased to 100 on identical sessions. 75100115 QQQIGV Jan 12, 2026Sep 11, 2026