ASX Large Caps: Brainchip leads the way as tech fightback continues

ASX large caps posted steady gains in Tuesday trade, as tech stocks and financials gained while resources stocks lagged behind.

It marked a reversal of the broader January trend, as money pour into the mining sector while large cap tech stocks got hammered.

The ASX 200 got a bit of a boost in afternoon trade, as the RBA refrained from any hawkish tilt in its outlook for domestic interest rates, instead choosing a “patient” approach to monitoring inflation.

Afterpay’s new owner Block Inc (ASX:SQ2) ripped higher for the second straight day, after the company released an update on how it plans to integrate the BNPL service into its existing infrastructure.

Consumer discretionary stocks also outperformed with steady gains across large cap travel and entertainment stocks.

BIG CAP WINNERS

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Outpacing Block Inc with an intraday gain of +15% was 2022’s most talked about company, AI chip manufacturer Brainchip (ASX:BRN).

BRN closed at $1.64 with a market cap of $2.44bn — off its recent highs above $2 but reflective of a notable shift in tech sentiment since the Nasdaq surged higher on Friday night.

Money also flowed into embattled data technology company Appen (ASX:APX) for the second straight day, which has climbed back above $10 (after hitting all-time highs above $40 in late-2020).

Also posting solid gains was recently-listed banking competitor Judo (ASX:JDO), which rose by +5% to $2.03, just below its November listing price of $2.10.

BIG CAP LOSERS

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