The chart details the weekly price returns on our Tech Check mix of benchmarks, ETFs, and single names. It was another tough week for the list with an overall score of 15-17. In general terms, software/SaaS carried the week in the top quartile while semi-related asset lines were more heavily weighted in the bottom tier.
We see the Semiconductor ETF (SOXX) in the bottom quartile at -3.08% with the Software ETF (IGV) at +5.99% in the top quartile for over a 9-point return differential on the week. The results show 5 of the Mag 7 in the red with Meta (META) sitting in last place and only Tesla (TSLA) making the top quartile. Apple (AAPL) was also positive in the 2nd quartile.
The winners are heavy on Software and SaaS service names that had been beaten down by the AI scare (“SaaS-pocalypse”) and business model displacement fears. We see ServiceNow (NOW) at #1 with 4 of the top 5 in the software/SaaS bucket including FactSet (FDS), Adobe (ADBE), and the Software ETF (IGV). Those were joined by legacy bellwether IBM, who has also faced a lot of headwinds in 2026.
The bottom tier includes semiconductor-related names such as Applied Materials (AMAT) as a capex proxy, Intel (INTC), the Semiconductor ETF (SOXX), Advanced Micro (AMD), and Broadcom (AVGO). NVIDIA (NVDA) was negative near the bottom of the 3rd quartile.
As we look back at the top quartile names this week, we see 4 of those still carrying negative returns on a YTD basis: Intuit (INTU) at -48.2%, Adobe (ADBE) at -24.6%, Tesla (TSLA) at -17.2%, and IBM at -14.4%. Other notable software/SaaS names in the red YTD include Oracle (ORCL) at -35.2% and Salesforce (CRM) at -6.2%.