The S&P/ASX 200 Technology Index (ASX: XJO) is leading the market on Wednesday, and many of the market's favourite shares are among its biggest gainers.
Right now, the ASX 200 tech sector is up 2.6% after falling 1.54% yesterday. Meanwhile, the S&P/All Technology Index (ASX: XTX) has lifted 2.39% today.
For comparison, the S&P/ASX 200 Index (ASX: XJO) is up 1.5% at the time of writing, recovering from yesterday's dire session.
So, which ASX 200 tech shares are posting today's biggest gains? Let's take a look.
ASX 200 tech shares lead the market
The ASX 200 tech sector is outperforming on Wednesday with the likes of Novonix Ltd (ASX: NVX) and BrainChip Holdings Ltd (ASX: BRN) providing the biggest gains.
Shares in battery technology and materials company Novonix have lifted 5.1% right now to trade at $1.48 while those in neuromorphic computing outfit BrainChip have risen 6.3% to reach 79 cents. Here's how other notable names are performing:
- Stock in Block Inc (ASX: SQ2) has gained 4.4% to trade at $96.47
- WiseTech Global Ltd (ASX: WTC) shares have jumped 2.8% to $50.53
- The Xero Limited (ASX: XRO) share price has lifted 3.1% to reach $71.30
The sector's day in the green comes despite a rough night's trade for the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC).
It dumped 0.76% while most of Australia slept, weighed down by shares in electric vehicle giant Tesla Inc (NASDAQ: TSLA). Its stock tumbled 12.2% in Tuesday's session overseas.
The fall came as the US$330 billion company revealed its fourth-quarter deliveries to the market's disappointment, as The Motley Fool reports.
A glimmer of hope for the future?
In more positive news, experts at Commonwealth Bank of Australia (ASX: CBA) hold hope for currently-embattled ASX 200 tech shares in coming years.
The banking giant looked back on 2022 and provided an outlook for the new year today. CommSec chief economist Craig James wrote:
[W]hile the economic environment in 2023 may not be the most conducive for 'growth-focussed' sectors, forward-looking investors may be more positive on prospects in 2024 – especially if rates are cut as expected late this year.
Consumer discretionary, information technology, property, and smaller companies should be watched.
The prediction follows a rough year for technology fans. The ASX 200 tech sector tumbled 34% in 2022.
