S&P/ASX 200 Index (ASX: XJO) tech shares are 6.3% higher after the 11th consecutive session of gains for US tech stocks overnight.
The Nasdaq Composite Index (NASDAQ: .IXIC) lifted 1.59% to a new record high last night.
ASX 200 tech shares have risen 16.2% over the past 11 trading sessions, but our tech index has fluctuated over the period.
Meanwhile, the NASDAQ has increased in a straight line by 15.5%, one day after another, since 30 March.
That's its best run since December 2023.
Image source: Getty Images
Could this mean an end to the tech wreck?
ASX 200 tech shares began a downward spiral in September last year.
Tech investors began worrying about high stock valuations and large-scale artificial intelligence (AI) capex spending.
Then this year, a series of updates to Anthropic's AI assistant, Claude, stoked fears of major disruption for software-as-a-service (SaaS) providers.
If agentic AI and generative tools like Claude can custom-write software, why would companies subscribe to proprietary SaaS products?
These fears were especially felt in Australia given four of the six biggest ASX 200 tech shares by market capitalisation are SaaS providers.
Some experts labelled it a 'SaaSpocalypse' moment, while others insisted the highest quality tech companies would ride it out.
The cumulative impact: the S&P/ASX 200 Information Technology Index (ASX: XIJ) fell 48% between 29 August and 30 March.
Here comes the rebound
The biggest ASX 200 tech share by market cap is SaaS logistics management platform provider, WiseTech Global Ltd (ASX: WTC).
The Wisetech share price is $43.63, up 9.2% today and up 19.5% over the past 11 trading sessions.
Next is accounting services provider Xero Ltd (ASX: XRO).
The Xero share price is $80.70, up 7.5% on Thursday and up 14.5% since 30 March.
Enterprise resource planning provider TechnologyOne Ltd (ASX: TNE) is also higher today.
TechnologyOne shares are $30.49, up 5.8% today and up 15.2% over the 11 trading sessions.
The Nextdc Ltd (ASX: NXT) share price is 4.2% higher at $13.96, and it's up 23.8% since 30 March.
The share price of family location app provider Life360 Inc (ASX: 360) is $21.15, up 11.6% today and up 16.6% since 30 March.
Shares in hotel bookings management platform provider Siteminder Ltd (ASX: SDR) are up 8.3% to $3.35 today.
Siteminder shares have surged 23.4% since 30 March.
Technology is the strongest of the 11 ASX 200 market sectors today.
Meanwhile, the benchmark S&P/ASX 200 Index (ASX: XJO) is in the red, down 0.3% to 8,952.6 points.
