Enterprise software emerged as the defining third-quarter stock-market story, according to Jim Cramer, as the Morningstar US Market Index rose 1.7% in the third quarter of 2026 and leadership shifted from semiconductors and AI infrastructure toward software, energy and value funds. The Morningstar US Software Capped Index gained 25% in July and August before falling 2% in September, while the Morningstar US Semiconductor Index fell 4% in July and August before rebounding 7% in September. The software recovery benefited Salesforce, Microsoft, Workday, Veeva Systems and CrowdStrike, although concentrated AI-infrastructure and small-cap funds declined. Cramer attributed part of the software rebound to the reversal of short positions held by Situational Awareness after margin calls forced the leveraged hedge fund to sell holdings, while Morningstar highlighted changing market leadership, higher rates and pullbacks in data-center construction stocks.