--- title: "The North American IGV Software Index rose over 21% in May, contradicting the \"AI consumption theory\" with better-than-expected earnings reports. The valuation of the game media ETF AXA SPDB (517770) is at the historical 0.35% percentile, highlighting its cost-effectiveness" type: "News" locale: "en" url: "https://longbridge.com/en/news/288350741.md" description: "The North American IGV Software Index rose over 21% in May, disproving the \"AI devouring theory\" with better-than-expected earnings reports. The valuation of the game media ETF AXA SPDB (517770) is at the historical 0.35% percentile, highlighting its cost-effectiveness. As of 9:47, stocks in its sample, such as VCG and Tencent Holdings, have risen, and this ETF ranks first among its peers" datetime: "2026-06-02T02:00:15.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288350741.md) - [en](https://longbridge.com/en/news/288350741.md) - [zh-HK](https://longbridge.com/zh-HK/news/288350741.md) generator: "portal-rs" --- # The North American IGV Software Index rose over 21% in May, contradicting the "AI consumption theory" with better-than-expected earnings reports. The valuation of the game media ETF AXA SPDB (517770) is at the historical 0.35% percentile, highlighting its cost-effectiveness As of 9:47, among the sample stocks of the Game Media ETF - AXA SPDB (517770), VCG rose over 2%, Tencent Holdings, China Literature Group, Bilibili, and others rose over 1%, while Zhongnan Media, NetEase Cloud Music, and others were in the green. Wind data shows that the Game Media ETF - AXA SPDB (517770) ranks first in size among ETFs tracking the same underlying index. Recently, the software and AI application sectors in the US stock market have continued to rebound, with the North American IGV software index rising over 21% in May, marking the best monthly performance since October 2001. The catalyst has been earnings reports exceeding expectations. Software companies like Snowflake, MongoDB, and Salesforce have reported impressive earnings, with the AI narrative shifting from "product availability" to "visible revenue." Guotai Junan Securities pointed out that 2026 will be a key year for AI applications to transition from "technology validation" to "commercial promotion." Software defines computing power, capturing profits from "selling shovels." The powerful semantic understanding and data analysis capabilities of large models are beginning to reap commercial dividends. From a valuation perspective, the latest price-to-earnings ratio of the SHS Game Media Index tracked by the Game Media ETF - AXA SPDB (517770) is only 16.75 times, placing it at the 0.35% percentile since the index's inception, meaning the valuation is lower than 99.65% of the range since the index was established. The Game Media ETF - AXA SPDB (517770) closely tracks the CSI Hugangshen Game and Culture Media Index, which selects 50 high-quality listed company securities involved in gaming, film and television, broadcasting, advertising, publishing, education, and cultural performances from the Shanghai, Hong Kong, and Shenzhen markets, covering the cultural entertainment industry chain; especially in the gaming and media companies in the Hong Kong market, leading enterprises such as Kuaishou, Tencent Holdings, and Bilibili serve as weighted stocks. Related products: The Game Media ETF - AXA SPDB (517770) focuses on leading assets in the Shanghai, Hong Kong, and Shenzhen gaming media sectors, capturing the dividends of the intelligent entertainment industry transformation ### Related Stocks - [000681.CN](https://longbridge.com/en/quote/000681.CN.md) - [YINN.US](https://longbridge.com/en/quote/YINN.US.md) - [YANG.US](https://longbridge.com/en/quote/YANG.US.md) - [517770.CN](https://longbridge.com/en/quote/517770.CN.md) - [00700.HK](https://longbridge.com/en/quote/00700.HK.md) - [00772.HK](https://longbridge.com/en/quote/00772.HK.md) - [BILI.US](https://longbridge.com/en/quote/BILI.US.md) - [09626.HK](https://longbridge.com/en/quote/09626.HK.md) - [601098.CN](https://longbridge.com/en/quote/601098.CN.md) - [09899.HK](https://longbridge.com/en/quote/09899.HK.md) - [SNOW.US](https://longbridge.com/en/quote/SNOW.US.md) - [MDB.US](https://longbridge.com/en/quote/MDB.US.md) - [CRM.US](https://longbridge.com/en/quote/CRM.US.md) - [600109.CN](https://longbridge.com/en/quote/600109.CN.md) - [01024.HK](https://longbridge.com/en/quote/01024.HK.md) - [TCEHY.US](https://longbridge.com/en/quote/TCEHY.US.md) - [80700.HK](https://longbridge.com/en/quote/80700.HK.md) - [HTCD.SG](https://longbridge.com/en/quote/HTCD.SG.md) - [TCTZF.US](https://longbridge.com/en/quote/TCTZF.US.md) - [81024.HK](https://longbridge.com/en/quote/81024.HK.md) ## Related News & Research - [The Market's Island of Misfit Toys: AI Health, Nuclear Bets, and VIX Leverage](https://longbridge.com/en/news/299008958.md) - [3-minute breakdowns: Netflix stock analysis: January 2025 earnings report](https://longbridge.com/en/news/299014950.md) - [Roblox Conference Unveils AI Creation Tools, Offline Play and Engine Upgrades](https://longbridge.com/en/news/298809758.md) - [Funox Continues Adding Popular HTML5 Games for Browser Players](https://longbridge.com/en/news/298829012.md) - [Is the AI bubble bursting?](https://longbridge.com/en/news/298981516.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**