In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up slightly to 8,792 points.

Four ASX shares that are rising more than most today are listed below. Here’s why they are racing higher:

Benz Mining Corp (ASX: BNZ)

The Benz Mining share price is up 25% to $2.65. Investors have been buying the gold explorer’s shares after it announced a maiden exploration target for its 100%-owned Glenburgh Gold Project in the Gascoyne region of Western Australia. Benz Mining’s CEO, Mark Lynch-Staunton, commented: “This initial Exploration Target frames the scale and quality of Glenburgh on a project-wide basis for the first time. Importantly, this is not a loose conceptual target – approximately 80% of the Exploration Target is drill-defined, assay-supported and wireframed, providing a strong technical foundation for resource conversion. […] Glenburgh has the scale and geological architecture to become a major Australian gold project, with the potential to evolve into a world-class gold system.”

Collins Foods Ltd (ASX: CKF)

The Collins Foods share price is up 1.5% to $8.24. This may have been driven by a broker note out of Citi this morning. According to the note, the broker has upgraded the quick service restaurant operator’s shares to a buy rating with a $10.30 price target. This implies potential upside of 25% for investors over the next 12 months. Citi made the move on valuation grounds following a sizeable decline from its highs.

WiseTech Global Ltd (ASX: WTC)

The WiseTech share price is up 15% to $33.00. Investors appear to be buying the logistics software company’s shares after WiseTech responded to recent media reports involving founder Richard White. It stated: “The media reports that the alleged investigation relates to Richard White in a personal capacity. There is no suggestion in this media commentary of an investigation into WiseTech. The Company is not aware of any investigation as outlined in the article. The Executive Chair has provided assurance to the Board that he is not aware of any such investigation and also confirmed that he emphatically and unequivocally denies any involvement in or with human trafficking.”

Xero Ltd (ASX: XRO)

The Xero share price is up almost 9% to $70.69. This may also have been driven by a broker note out of Citi. This morning, the broker reaffirmed its buy rating and $113.60 price target on the cloud accounting platform provider’s shares. This implies potential upside of approximately 60% for investors over the next 12 months.

The post Why Benz Mining, Collins Foods, WiseTech, and Xero shares are shooting higher today appeared first on The Motley Fool Australia.

More reading

• US chip stocks were smashed overnight. So why are ASX tech shares rising?
• ASX tech giants bounce back from heavy losses
• WiseTech shares have crashed: buy, hold, or sell?
• These ASX tech stocks are crashing. Buy or bail?
• 5 ASX growth shares I want in my portfolio in FY27

Citigroup is an advertising partner of Motley Fool Money. Motley Fool contributor James Mickleboro has positions in Collins Foods, WiseTech Global, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has recommended Collins Foods. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

ASX investors were handed a rough lead from Wall Street overnight after US chip stocks were heavily sold down.

The sell-off was centred on some of the biggest names in the artificial intelligence (AI) trade, with investors taking profits after a very strong run.

Overnight, the Nasdaq Composite Index (NASDAQ: .IXIC) fell 2.2%, while the Philadelphia Semiconductor Index (NASDAQ: SOX) dropped 7.9%.

Some of the bigger falls came from the names that have been riding the AI boom.

Micron Technology Inc (NASDAQ: MU) dropped 13% to US$1,051.77, Nvidia Corp (NASDAQ: NVDA) fell 4.1% to US$200.04, while Qualcomm Inc (NASDAQ: QCOM) and Marvell Technology Inc (NASDAQ: MRVL) lost 8% and 9.4%, respectively.

While this might sound like a warning sign for ASX tech shares, the local market has gone the other way today.

At the time of writing, several large ASX tech shares are trading higher, despite the weak US lead.

So, why are ASX tech shares rising?

ASX tech shares move higher

The main reason is that ASX tech shares aren’t really chip stocks.

The overnight selling was focused on US companies closely tied to semiconductors, memory chips, and AI infrastructure.

And that is not quite the same as our local tech sector.

Xero Ltd (ASX: XRO) is an accounting software business. WiseTech Global Ltd (ASX: WTC) provides logistics software, while Pro Medicus Ltd (ASX: PME) sells medical imaging software.

So, while the US sell-off is clearly worth watching, it doesn’t directly change the outlook for most ASX tech names.

There also appears to be some bargain hunting going on.

A number of local tech shares have already been hit hard in 2026, with Xero and WiseTech both under heavy pressure recently.

At the time of writing, Xero shares are up 7.1% to $69.63, while WiseTech shares are up 13.42% to $32.62.

Pro Medicus shares are 2.1% higher at $176.75, and NextDC Ltd (ASX: NXT) shares are up 2.20% to $14.85.

What should ASX investors watch now?

The key thing to watch is whether the selling stays in US chip stocks or starts spreading across the broader US tech sector.

If investors keep taking money out of the AI trade, ASX growth shares could still feel some pressure, especially those trading on higher valuations.

But for now, the local market is holding up reasonably well.

And that is likely because many ASX tech shares have already had a difficult run in 2026.

Xero and WiseTech, in particular, are both still well below where they were a year ago, despite today’s bounce.

The post US chip stocks were smashed overnight. So why are ASX tech shares rising? appeared first on The Motley Fool Australia.

More reading

• ASX tech giants bounce back from heavy losses
• WiseTech shares have crashed: buy, hold, or sell?
• These ASX tech stocks are crashing. Buy or bail?
• These ASX shares are riding the AI boom. Investors keep overlooking them
• 5 ASX growth shares I want in my portfolio in FY27

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Marvell Technology, Micron Technology, Nvidia, Qualcomm, WiseTech Global, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has recommended Nvidia and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The S&P/ASX 200 Index (ASX: XJO) is having a better day on Wednesday. In afternoon trade, the benchmark index is up 0.2% to 8,806 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:

Aurelia Metals Ltd (ASX: AMI)

The Aurelia Metals share price is down 5% to 29.5 cents. This morning, this gold miner announced that it has achieved financial close on a $150 million senior secured financing package. It notes that this strengthens its balance sheet and increases liquidity. The company’s chief financial officer, Martin Cummings, said: “This refinancing is the culmination of a deliberate strategy and comprehensive process to secure a highly competitive financing package with a flexible structure. The facilities strengthen Aurelia’s balance sheet, increase liquidity and provide long-term support for the Company’s rehabilitation bonding requirements. The strong level of interest received throughout the process enabled us to assemble a high-quality syndicate of global financial institutions that are well positioned to support Aurelia’s next phase of growth.”

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is down 7.5% to 87 cents. This is likely to have been driven by a broker note out of Morgans this morning. According to the note, the broker has downgraded the energy producer’s shares to a sell rating (from hold) with an 81 cents price target (from $1.10). It said: “We mark-to-market our second half estimates for weaker spot gas prices, while also trimming our Waitsia output forecasts for FY26-28 on continuing struggles. After downgrading our Q4 estimates for daily production rates, we see potential for BPT to fall just short of its FY27 group production guidance. While BPT’s share price has already been under pressure, its earnings outlook has declined at a faster rate, with its forward EV/EBITDA actually rising.”

Insurance Australia Group Ltd (ASX: IAG)

The IAG share price is down 4% to $7.95. This could also have been driven by a broker note. This morning, Macquarie downgraded the insurance giant’s shares to a neutral rating (from outperform) with a reduced price target of $8.50 (from $9.00). It made the move on the belief that AI could disrupt insurance providers.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is down 2% to $172.37. Investors have been selling the mining giant’s shares following a sizeable pullback in the copper price overnight. This led to significant weakness in the miner’s NYSE listed shares on Wall Street on Tuesday night.

The post Why Aurelia Metals, Beach Energy, IAG, and Rio Tinto shares are falling today appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Tuesday
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.