[Microsoft's 200-day breakout](https://www.marketwatch.com/story/microsofts-stock-chart-just-flashed-a-bullish-signal-for-a-software-comeback-f6a889a9?mod=mw_rss_topstories) is being framed as the start of a software recovery — but Core PCE sitting at 3.3% means the Fed just took rate cuts completely off the table. Software multiples compress in a hiking cycle, not expand.

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