BUZZ-Aussie IT stocks soar in 2024 as Trump win, rate cuts and AI boost global tech

Reuters08:17

** The Australian technology sub-index up 47.7% so far in 2024, and set for strongest year in four, if trend holds

** The sub-index in 2024 outperformed Wall Street peer, the tech-heavy NASDAQ , which has recorded a 29.6% gain YTD

** Technology stocks breached the 2,500 mark in mid-August and hit a fresh high of 2,964.40 points in early December

** The gains were underlined by two successive rate cuts by the Federal Reserve, Trump's election triumph, and hefty investments in AI, which uplifted NASDAQ's gains and set the direction for Aussie technology stocks

** Locally, sector heavyweights WiseTech , Xero

and NEXTDC led the rally

** WiseTech stock up 58.2% so far this year, set for strongest in three, having risen over 20% since Oct. 24, when billionaire CEO Richard White moved to a new position post a scandal

** XRO has gained 48.1% so far this year; it reported interim earnings ahead of market estimates in mid-November

** NEXTDC has gained 11.7% YTD on cloud service demand

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Tech stocks buzz

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(Reporting by Kumar Tanishk and Adwitiya Srivastava in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com;))

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