IGV drops 24% in Q1 as AI agents threaten software

The iShares Expanded Tech-Software Sector ETF (IGV) had its worst quarter since the 24% drop in the 21st century, falling nearly 24% in Q1. Major players like Salesforce and ServiceNow plummeted over 30%, while Workday fell nearly 40%, highlighting fears that AI agents could make traditional software obsolete. The sector underperformed as investors rotated into energy and AI chips.