Nasdaq’s record-breaking run reinforces the boom in US tech stocks and provides an opportunity to take profits on Australian stocks caught up in the fervour.
Our listed tech sector is, of course, a minnow compared to the US. But Australia also has had a tech boom of sorts with dozens of emerging tech companies listing on ASX through Initial Public Offerings (IPOs) or backdoor listings. Some have delivered spectacular gains in the past two years.
WiseTech Global, Pushpay Holdings, Appen, Afterpay Touch Group, Elmo Software, Netwealth Group and HUB24 headline the star information tech and financial tech (fintech) IPOs. They follow the likes of Xero and Altium.