Sydney, Feb 7, 2026, 16:50 AEDT — Market’s done for the day.
WiseTech Global (WTC.AX) closed out Friday at A$47.60, shedding 4.6%. The stock dipped as low as A$46.60 during the day, with pressure mounting across software names late in the week. Market data put turnover at roughly 3.61 million shares.
This isn’t just isolated selling—there’s more at play. Big Tech is lining up a $600 billion bet on artificial intelligence, and that’s rattling investors. The questions? Whether the spending spree pays off, and if these AI advances could threaten chunks of the software stack itself. “It’s a de-risking trade,” said Andrew Wells, chief investment officer at SanJac Alpha. Reuters
The S&P 500 software and services index slumped 4.6% Thursday, putting its losses since Jan. 28 near the $1 trillion mark—a rout traders are calling “software-mageddon,” according to Reuters. “Sell-everything mindset,” is how Dave Harrison Smith, Bailard’s chief investment officer and technology lead, put it. Reuters
Friday hit Australia’s market hard: the S&P/ASX 200 dropped 2.03%, logging its steepest single-day fall since November. Information Technology took it on the chin—down 3.3%. WiseTech and data-centre operator NextDC were among those leading the retreat. According to MarketIndex, WiseTech shares have tumbled 28.7% in the last month and are off 61.6% over the year.
WiseTech, the logistics software firm behind CargoWise, usually moves with the growth crowd—big hopes, but quick exits if confidence slips. That leaves the shares exposed: when talk shifts to fiercer rivals or customers tightening budgets, the market doesn’t wait around.
Monday’s open will likely take cues from overseas action. Stateside, chip stocks jumped Friday, sending the Dow sailing past 50,000—a first—even as the week stirred anxiety over AI and software valuations. “There’s enough evidence that there’s real demand for AI products … and a necessity of a lot of spending to get there,” said Ross Mayfield, investment strategy analyst at Baird. Reuters
This sort of selloff doesn’t wait around for new headlines. When managers start slashing risk and redemption jitters set in, they go after the crowded trades first—no time for second-guessing. Stocks can easily tumble past fundamentals.
Price moves took center stage for WiseTech after a punishing week, with investors watching for any hint the sector reset might be losing steam. If offshore tech bounces sharply, that could help steady nerves. Another drop, though, would leave high-multiple stocks like WiseTech under the gun.
Investors now look to WiseTech’s half-year earnings, set for Feb. 25. The numbers matter, but the focus will be on what management says about customer demand—and how WiseTech views the AI overhaul playing out in logistics software.
