Newly opened executive searches in the technology sector dropped 7% YoY in Q1, essentially mirroring the trend line for net new ARR growth being reported during earnings season. Altimeter Capital’s Clouded Judgment newsletter maps the aggregate net new ARR growth from all publicly traded cloud software companies, and its trend line maps very close to our opened search data for technology companies. While we’ve seen deviations of late in the correlation between newly opened searches and the S&P 500, this appears to map in a much more consistent fashion.