ASX 200 tech shares crushed it last week, rising 12.96% while the benchmark S&P/ASX 200 Index (ASX: XJO) dipped 0.15%.
Technology was the strongest of the 11 ASX 200 market sectors following a commanding lead from Wall Street.
The NASDAQ Composite Index (NASDAQ: .IXIC) has been on a tear in April and hit a new record high last week.
As of Friday’s market close (Australian time), the NASDAQ had recorded 12 consecutive days of gains — its best run since 2009.
ASX 200 tech shares have followed suit, but not in a straight line. The sector has lifted 18.47% since the rebound began on 31 March.
It appears investors may have overcome their fears about artificial intelligence (AI).
Investors have fretted over large AI spending and the potential for AI tools like Claude to wipe out software-as-a-service (SaaS) providers.
These fears drove a near halving in the value of the S&P/ASX 200 Information Technology Index (ASX: XIJ) in just seven months.
You read that right — the tech index experienced an extraordinary 48% sell-off between 29 August and 30 March.
No other sector recorded significant gains last week amid the ongoing war in Iran and a major fire at one of Australia’s two oil refineries.
Only five ASX 200 sectors finished the week in the green.
Let’s recap.
ASX 200 tech shares led the market last week
The ASX 200’s largest tech company, WiseTech Global Ltd (ASX: WTC), skyrocketed 22.72% to finish the week at $46.18 per share.
The Xero Ltd (ASX: XRO) share price leapt 14.72% to $81.98, while TechnologyOne Ltd (ASX: TNE) jumped 11.34% to $30.83.
NextDC Limited (ASX: NXT) shares rose 10.14% to $14.12 and Life360 Inc (ASX: 360) increased 9.6% to $21.35.
The Megaport Ltd (ASX: MP1) share price screamed 26.53% to $8.49.
Hansen Technologies Ltd (ASX: HSN) shares soared 9.37% to $5.02.
ASX 200 hotel booking platform provider, Siteminder Ltd (ASX: SDR), ripped 13.27% to $3.33 per share.
Nuix Ltd (ASX: NXL) shares stormed 10.96% higher to $1.26 apiece, while Appen Ltd (ASX: APX) rose 12.77% to $1.59.
The Weebit Nano Ltd (ASX: WBT) share price lifted 7.41% to $4.06.
Objective Corporation Ltd (ASX: OCL) shares lifted 6.97% to $11.82.
The Dicker Data Ltd (ASX: DDR) share price ascended 4.19% to $8.95.
ASX 200 market sector snapshot
Here’s how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
| S&P/ASX 200 market sector | Change last week |
| Information Technology (ASX: XIJ) | 12.96% |
| A-REIT (ASX: XPJ) | 2.85% |
| Materials (ASX: XMJ) | 1.71% |
| Communication (ASX: XTJ) | 1.64% |
| Healthcare (ASX: XHJ) | 0.27% |
| Utilities (ASX: XUJ) | (0.03%) |
| Energy (ASX: XEJ) | (0.63%) |
| Consumer Staples (ASX: XSJ) | (1.45%) |
| Industrials (ASX: XNJ) | (1.54%) |
| Consumer Discretionary (ASX: XDJ) | (1.7%) |
| Financials (ASX: XFJ) | (2.12%) |
The post ASX 200 tech shares rocket 13% as long-awaited sector rebound accelerates appeared first on The Motley Fool Australia.
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Motley Fool contributor Bronwyn Allen has positions in Appen. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen, Life360, Megaport, Objective, SiteMinder, Technology One, WiseTech Global, and Xero. The Motley Fool Australia has positions in and has recommended Dicker Data, Life360, Objective, SiteMinder, WiseTech Global, and Xero. The Motley Fool Australia has recommended Nuix and Technology One. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.