Market Leadership Check: Software Still Dominates
If you're wondering where institutional money is flowing, the answer is becoming increasingly clear.
Among the 30 strongest liquid U.S. stocks (>$100M average daily dollar volume) still trading above their key moving averages, one sector stands out:
Software.
☁️ Infrastructure Software Leads the Pack
$CrowdStrike Holdings, Inc.(CRWD)$ $Palo Alto Networks(PANW)$ $Frontier Asset Total International Equity ETF(FINT)$ $Cloudflare, Inc.(NET)$ $Okta Inc.(OKTA)$ $Rubrik Inc.(RBRK)$ $Tenable Holdings Inc.(TENB)$ $SentinelOne, Inc(S)$ $Twilio(TWLO)$ $Varonis(VRNS)$ $Zeta Global Holdings Corp.(ZETA)$ $Nutanix Inc.(NTNX)$ $Samsara, Inc.(IOT)$
Cybersecurity, cloud infrastructure and enterprise software continue to show the strongest relative strength despite an already extended AI rally.
💻 AI Software Keeps Holding Up
$Snowflake(SNOW)$ $Datadog(DDOG)$ $Dynatrace Holdings LLC(DT)$ $Freshworks(FRSH)$
Enterprise AI adoption continues to support application software, with data and observability platforms remaining key beneficiaries.
⚡ AI Hardware Remains in Leadership
$Arista Networks(ANET)$ $Dell Technologies Inc.(DELL)$ $Hewlett Packard Enterprise(HPE)$ $Tower Semiconductor(TSEM)$
Networking, servers and semiconductor infrastructure continue to outperform as hyperscaler AI capex stays elevated.
🌐 Selective Strength Outside Tech
Internet
Healthcare
Energy
Financials
The Bigger Picture
This isn't a broad market rally.
It's a leadership rally.
Software accounts for well over half of the strongest names on the list, while AI infrastructure and cybersecurity continue to dominate institutional positioning.
The message from price action remains consistent:
Capital is still rotating toward companies tied to enterprise AI, cloud infrastructure, cybersecurity, and digital transformation—not away from them.
In bull markets, leadership matters more than the index.
And right now, leadership still belongs to AI-driven software.
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