---
title: Software is deeply oversold (see below $IGV ETF) - Deutsche Bank seems to agree
description: "1. DB argues Anthropic’s Enterprise Agents event reinforces that model providers are more likely to act as orchestration layers on top of incumbent software systems, not replace them, given the deep data, workflows, and metadata embedded in existing platforms (“Claude is only as useful as the data it connects to”).\n\n2. This supports DB’s prior view that AI displacement risk to core software is over embedded in current multiples, making the event incrementally positive for the software sector.\n\n3. Risks remain, including pressure on software development costs, potential changes to the interaction layer that could lower switching costs, and increased competition around the “control plane” for agentic AI, though DB continues to see this dynamic as supportive for infrastructure and compute demand."
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [Software is deeply oversold (see below $IGV ETF) - Deutsche Bank seems to agree](https://blog.syzgroup.com/syz-the-moment/software-is-deeply-oversold-see-below-igv-etf-deutsche-bank-seems-to-agree)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Feb 25, 2026, 3:07:29 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/software-is-deeply-oversold-see-below-igv-etf-deutsche-bank-seems-to-agree)

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