The iShares Expanded Tech-Software Sector ETF (IGV) seems to backup what the article is saying. It isolate software firms from the IT industry. It is down about 10% last week, and 20% down the past six months. The IT sector as a whole didn't lose much.

I used to work for ServiceNow.

Market Cap over doubled between 2021 and 2025.

But since the start of 2025, it has lost all of that.

13% in the last week. 20% in the last month. Six months is definitely bleaker than those numbers, 37% down.