On the October 12 Mad Money episode, Jim Cramer argued software has taken over AI leadership from chips, citing a 23% gain for software and a 10% drop for chips since June 30. From June 30 to October 13, the actual figures were 22.4% for the iShares Expanded Tech-Software ETF (IGV) and a fall of 11.1% for the VanEck Semiconductor ETF (SMH). Since December 31, 2025, however, SMH is up 61.9% versus 5.0% for IGV, so the conclusion depends on the start date. Cramer blamed part of the slide on the Situational Awareness hedge fund's reported 67% loss in July, a figure not independently confirmed, as its largest positions Micron, SanDisk and Bloom Energy fell 14.3%, 34.6% and 13.35% between June 30 and October 12. The article argues fundamentals remain strong, citing Microsoft's $115.95 billion of fiscal 2026 capital expenditure.
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