Buy INTU by Oct 21, 2026.

IGV is down roughly 25% from its September 2025 peak. Salesforce is down about 40% this year, with Workday in a similar range. Around $2 trillion of software market value has disappeared, and software’s forward P/E has fallen below the S&P 500’s for the first time: from roughly 84x at the 2020–22 peak to 22.7x by March 2026. The dominant bear thesis is seat compression. Enterprise software was built around a simple model: sell more licenses as customers add employees. …