ASX 200 tech shares may have finally found their floor after a dramatic 22.5% tumble for the sector over the past 10 weeks.
Technology led the 11 market sectors last week with a 5.96% gain over the five trading days.
The benchmark S&P/ASX 200 Index (ASX: XJO) was also buoyant, rising 2.35% to close at 8,614.1 points on Friday.
Ten of the 11 market sectors finished the week in the green.
Let's review.
ASX tech shares led the market last week
The S&P/ASX 200 Information Technology Index (ASX: XIJ) went into a downward spiral after reaching a new record on 19 September.
The tech index closed at 2,370 points on Friday, representing a 22.5% fall over 10 weeks.
Concerns over US tech stock valuations and whether artificial intelligence (AI) is creating a market bubble explain only part of the story.
Wilsons Advisory equity strategist Greg Burke says domestic factors are mostly to blame for the sell-off in ASX 200 tech shares.
High valuations and a sell-off in Aussie bonds amid virtually no chance of another interest rate cut this year have also played a role.
Here's how the biggest ASX 200 tech companies performed last week, and how much their share prices have fallen since 19 September.
5 biggest tech stocks down 20% (or more) since September
The WiseTech Global Ltd (ASX: WTC) share price ripped 11.04% higher to close at $73.02 on Friday.
The largest tech company on the market has lost almost a quarter of its market capitalisation since the sector's peak on 19 September.
The Xero Ltd (ASX: XRO) share price lifted to $122.25, up 2.54% last week and down 25% since the tech sector's high.
TechnologyOne Ltd (ASX: TNE) shares rose 1.93% last week to $30.10. That represents a 21.5% fall since 19 September.
Nextdc Ltd (ASX: NXT) shares edged 0.44% higher to $13.57 last week, down 24% since the tech sector's peak.
The Life360 Inc (ASX: 360) share price finished the week at $40.43, up 10.74% for the week and down 22% since 19 September.
The Codan Ltd (ASX: CDA) share price rose to $30.85, up 7.53% last week and up 2.93% since the sector's high.
Megaport Ltd (ASX: MP1) shares soared 12.69% to $14.30 last week. The stock has slipped by less than 5% since the peak.
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) | 5.96% |
| Materials (ASX: XMJ) | 4.98% |
| Healthcare (ASX: XHJ) | 4.3% |
| Industrials (ASX: XNJ) | 4.23% |
| Consumer Discretionary (ASX: XDJ) | 2.27% |
| Utilities (ASX: XUJ) | 1.87% |
| Consumer Staples (ASX: XSJ) | 1.81% |
| A-REIT (ASX: XPJ) | 1.78% |
| Communications (ASX: XTJ) | 1.19% |
| Financials (ASX: XFJ) | 0.12% |
| Energy (ASX: XEJ) | (0.1%) |
