$AppLovin(APP.US)AppLovin after earnings was kinda the perfect example of this market — good numbers, huge initial reaction, then all the gains fade. That usually means expectations and positioning were already too high.

Software right now still has a macro problem:

• rates not fully comfortable

• AI capex eating margins

• market quick to sell strength

But the fact APP could spike that hard first also shows there’s still appetite for software if growth is real.

So IGV/software isn’t dead, just no longer in “easy mode.” Selective names can work, but market wants proof, not narratives now.

@Bridge Buzz SG