Chips and Software Are Finally Rallying Together Again

Chips and software stocks rallied together, helping propel the Nasdaq and S&P 500 to fresh closing highs on April 22–23, 2026. Semiconductor shares led by the iShares Semiconductor ETF (SOXX) rose (about +1.2% in the report) and were on pace for a closing high and a 16th consecutive day of gains. Software-focused stocks/ETF (IGV) also gained in the run-up (reported +2.4% in the write-up) despite remaining roughly 25% below their one-year closing high. The article frames the sector convergence as driven by improving geopolitical hopes (possible de-escalation in the Middle East) and sets the stage for upcoming earnings reports from both chipmakers and software companies, which could determine near-term direction.