It really has been a very tough few weeks for ASX tech shares. A selloff on Wall Street’s tech-focused Nasdaq index has put a lot of pressure on them in September.
While this is disappointing for shareholders, I believe it has created a buying opportunity for non-shareholders. Especially given the very positive night of trade on the Nasdaq on Monday, which could be a sign that the tech rout is finally over.
But which ASX tech shares should you buy?
Afterpay Ltd (ASX: APT)
I think this payments company could be a great long term option, especially after the sharp pullback in its share price. Afterpay has been growing at an explosive rate thanks to the increasing popularity of its buy now pay later platform with consumers and retailers. I’m confident there will more of the same in the coming years. This is thanks to its huge opportunity in the United States and its expansion into Europe and Asia.
Altium Limited (ASX: ALU)
This electronic design software company could be a great option due to its exposure to the fast-growing Internet of Things and artificial intelligence markets. These markets are driving the proliferation of electronic devices, which is underpinning strong demand for its software subscriptions. Together with the benefits of scale and its other growing businesses, I believe Altium is well-placed to deliver on its FY 2025/26 revenue target of US$500 million.
Appen Ltd (ASX: APX)
A third ASX tech share to buy is artificial intelligence company Appen. It has a million-plus team of crowd sourced experts preparing the data that goes into artificial intelligence and machine learning models of some of the largest tech companies in the world. Given how these markets are expected to grow significantly in the future, Appen looks well-placed to grow its earnings at a strong rate over the long term.
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More reading
- 5 things to watch on the ASX 200 on Tuesday
- Flexigroup (ASX:FXL) launches humm in New Zealand
- ASX shares to buy if there’s another crash
- 4 of the best ASX 200 shares to buy in September
- How this new red tape could send the Afterpay (ASX:APT) share price tumbling
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia owns shares of AFTERPAY T FPO and Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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