Life360, NextDC lead tech sector surge
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The news: The technology sector neared a 2% gain on the ASX, tracking an advance by tech stocks on Wall Street overnight.
The numbers: The tech sector was the best performing, up 1.8% by 2:15pm AEDT as the ASX 200 index ticked up 0.3%.
Life360 (4%), NextDC (2.4%), Technology One (2%), Xero (1.8%) and WiseTech Global (1.4%) helped power the rally.
The context: The majority of the 'Magnificent 7' tech giants jumped on the Nasdaq overnight, with Apple bucking the trend, tumbling more than 3% after downgrades by sell-side analysts. Nvidia (2.3%), Amazon (2.1%), Alphabet (1.1%) and Meta Platforms (0.6%) all advanced, as Tesla (-0.6%) and Microsoft (-0.1%) edged down.
US tech stocks are expected to benefit from the deregulatory agenda of US President Donald Trump, who — alongside OpenAI CEO Sam Altman, Oracle co-founder Larry Ellison and SoftBank CEO Masayoshi Son — announced a multibillion dollar investment in US artificial intelligence infrastructure earlier today.
